Here’s why the Weebit (ASX:WBT) share price is flying 11% higher today

The chips are up today for the tech company…

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The Weebit Nano Ltd (ASX: WBT) share price is flying more than 11% higher today.

Investors are jumping for shares in the memory technology company after it released an announcement earlier today.

Let’s take a look at what Weebit announced and why investors are getting excited.  

Weebit share price jumps on module completion

Earlier today, Weebit announced that it has completed the design of its embedded ReRAM module.  

In addition, the company also completed verification stages and taped out (released to manufacturing) a test-chip integrating the module.

Weebit highlighted the integrated test-chip will be used as the final platform for testing and qualification. Following testing, the company expects customer production to be the next step.

Weebit’s CEO Coby Hanoch noted;

“We implemented the module in an intelligent way, developing unique patent-pending analog and digital smart circuitry that significantly enhances the array’s technical parameters including speed, retention, and endurance.”.

Weebit’s management noted the milestone development will allow the company to demonstrate a functioning ReRam product to consumers.

The company’s new memory module will provide a foundation for Weebit’s future ReRAM compiler. Weebit expects to have its first silicon of the embedded ReRAM module by the end of this year. Full qualification of the module is expected by mid-2022.

Snapshot of the Weebit share price

Weebit develops next-generation memory technology for the global semiconductor industry. The company’s flagship ReRam technology is based on silicon oxide which allows semiconductor memory elements to be cheaper, faster and more energy-efficient.

Weebit says the company’s ReRam is 1000 times faster and uses 1000 times less power than current flash memory. The technology has been designed to provide memory solutions for computers, laptops and smartphones.

At the time of writing. the Weebit share price is trading roughly 9.5% higher at around $1.96. Shares in the tech company were charging more than 11% higher earlier after hitting an intra-day high of $2.00.

Overall, the Weebit share price has been all over the place in 2021. Including today’s price action, the Weebit share price remains 21% lower for the year-to-date.

Shares in Weebit have been sold off after they bolted to an all-time high of $4.27 earlier this year. Investors began dumping shares in Weebit following weak financial results and accusations of market manipulation.

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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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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