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The Weebit Nano (ASX:WBT) share price is a wee-bit excited today

A man raises his arm in excitement, indicating a new ASX share price high
Image source: getty Images

The Weebit Nano Ltd (ASX: WBT) share price is breaking into a new 52-week high today. Shares in the computer memory developer hit $4.27 earlier in trade today, before slipping its current $4.11. That means the Weebit share price is up 10% for the day, but more impressive is the yearly netted returns – a staggering return of 925%.

There appears to be no news out from the company today, which leaves us to take a look at what recent developments might still have investors excited.

Refreshing our memory on recent developments

Back in December last year, Weebit offered a share purchase plan (SPP) to eligible shareholders to raise $3 million at $1.70 per share. After the offer had closed, the company announced that the offer was heavily oversubscribed, with applications received totaling $19,957,528.

Consequently, management decided to scale back the offer to the originally set $3 million.  

Following the capital raise, Weebit Nano announced that the company was filing 2 new patents in conjunction with its development partner, CEA-Leti. Weebit’s first patent defines a process improvement to enable high memory yield and high uniformity across memory cells and throughout the wafer.

The second patent reportedly pertains to the selector development for ‘very fast’ read, which enables reduced power consumption and selector stress during the read operation. Both patents are relevant to optimising the company’s ReRAM technology.

More recently, Weebit announced the appointment of non-volatile memory veteran Ishai Naveh. Mr Naveh will assume the role of chief technology officer and focus on driving the strategic direction of the company’s technology development.

Mr Naveh co-founded Adesto in 2007, being one of the early entrants into ReRAM. Adesto was acquired by Dialog Semiconductor PLC last year for $500 million.

Looking ahead

In Weebit’s first quarter FY21 update, the company mentioned that it was in discussions with a production partner ahead of shifting the technology to the partner’s fabrication.  

Additionally, the development of its embedded memory module is a primary focus. The company claimed it was on track at the time.

Weebit Nano’s management provided comment on the progress towards commercialisation of its memory:

Weebit is moving closer to commercialisation within the embedded memory market with significant technical progress made over the quarter and ongoing discussions with potential partners and customers.

In parallel, we are progressing our development within the standalone market, where our ReRAM technology can address ongoing demand for increased and more efficient memory storage.

Weebit share price snapshot

The Weebit Nano share price is now up 57% year to date (YTD). Comparatively, the S&P/ASX 200 Index (ASX: XJO) is up 1.3% YTD.

Including today’s gain, the Weebit Nano market capitalisation is now $484 million.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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