The Weebit Nano Ltd (ASX: WBT) share price is sinking in early-afternoon trade despite the company announcing two new filed patents.
At the time of writing, the memory technology company's shares are down 5.83% to $1.94.
Let's take a quick look at the company's update today and why the Weebit share price is falling.
Why is the Weebit share price falling?
The Weebit share price may be losing ground today despite its positive announcement as investors sell off their positions due to renewed pandemic fears. A potential fourth wave of COVID-19 and a new strain variant could hit the United States, which has sent worldwide markets lower.
Overnight, the Dow Jones ended its session 1.1% lower to 30,924 points. The S&P 500 and Nasdaq index dropped 1.34% and 1.73%, respectively.
So, what did Weebit announce?
In this morning's release, Weebit advised that it has filed two new patents based on some programming improvements made to its ReRAM technology. The submission aims to protect the intellectual property of the company's silicon oxide ReRAM memory.
The first patent refers to chip circuitries that operate together to improve access time and power. This is linked with programming the memory module while increasing bit performance.
The second patent explains changes within its chip circuity that allows the memory access speed of the ReRAM to double. Weebit noted this was beyond what current non-volatile memories exist today.
A quick take on Weebit Nano
Weebit Nano develops next-generation computer memory technology. The company addresses the growing need for data storage and embedded non-volatile memory (NVM) technology with its new, resistive random-access-memory (ReRAM) technology.
According to the company, "Weebit Nano's technology enables a quantum leap, allowing semiconductor memory elements to be significantly cheaper, faster, more reliable and more energy-efficient than the existing Flash technology".
CEO commentary
Weebit Nano CEO Coby Hanoch hailed the company's progress, saying:
We are proud to continue leading the innovation trend in the ReRAM ecosystem. As we make progress towards taping out our first ReRAM memory module, planned for the middle of this year, we are further enhancing our intellectual property with unique design-related patents.
These patents are game changers for some applications, supporting Weebit's focused efforts towards achieving a first commercial agreement.
Despite today's fall, the Weebit Nano share price is trading close to 450% higher in the past 12-month period.
