At the time of writing, the semiconductor company's shares are down 5% to $5.40.

This means its shares are now down 30% since this time last week.

Why is the Weebit Nano share price falling?

The company's shares have returned to trade today after it made a temporary non-executive director appointment.

This is to ensure that the company has the two required Australian resident directors on its board following the sudden resignation of one earlier this week.

That resignation forced the Australian stock exchange operator to immediately suspend its shares from trade. Not a great look for a billion-dollar company!

According to the release, Weebit Nano's company secretary, Mark Licciardo will join the board as an independent non-executive director effective today while it seeks a longer-term candidate.

ReRAM update

In other news, this morning the company advised that SkyWater Technology (NASDAQ: SKYT) has confirmed that Weebit Resistive Random-Access Memory (ReRAM) IP has been fully qualified for industrial temperatures employing the fabricator's 130nm CMOS (S130) process.

The release notes that the full qualification confirms the quality, repeatability, and reliability of Weebit Nano's embedded ReRAM module when SkyWater customers use Weebit's proven non-volatile memory (NVM) IP in volume production.

The qualification used demo chips produced by SkyWater which integrate Weebit ReRAM IP. The tests were performed per the JEDEC industry standards for NVMs, which impose rigorous testing of many silicon dies blindly selected from three independent wafer lots.

Weebit Nano's CEO, Coby Hanoch, said:

Successful qualification of our technology in SkyWater S130 confirms that customers can have confidence that the IP will work reliably as specified. Together with SkyWater, we are engaged in numerous customer discussions and anticipate that Weebit ReRAM will be in design with one or more of these customers during this calendar year.

SkyWater's technology as-a-service approach is a great differentiator for customers developing new IP, and its robust process technologies for mixed-signal designs, rad-hard ICs, ROICs and power management are an excellent fit for our ReRAM technology, offering a unique value-add to various markets and applications.

Time will tell if this leads to Weebit Nano generating sufficient revenue to justify its lofty billion-dollar market capitalisation.

What is SkyWater?

SkyWater Technology is a US$380 million American semiconductor engineering and fabrication foundry. It hasn't turned a profit in the last five years and reported revenue of US$66 million during the last quarter.

The post Weebit Nano share price returns from suspension and continues to sink appeared first on The Motley Fool Australia.

The ASX tech share, which develops advanced memory technologies for the global semiconductor industry, closed yesterday trading at $7.07. In earlier trade, shares were changing hands for $7.61.

As we head into the lunch hour there looks to have been some profit-taking going on, with the Weebit Nano share price currently up 4%.

This comes on the back of commercialisation news for one of the company's core products.

What did the ASX tech share report?

The Weebit Nano share price is marching higher after the company reported on the commercial availability of its resistive RAM (ReRAM) IP.

ReRAM is available in SkyWater Technology's (NASDAQ: SKYT) 130nm CMOS (S130) process. SkyWater's customers can now integrate Weebit's non-volatile memory (NVM) in their system-on-chip (SoC) designs.

The company says its ReRAM enables faster semiconductor designs at a lower cost. It also highlighted that ReRAM is more reliable and energy efficient than those using flash or other emerging NVMs.

Commenting on the progress that's sending the Weebit share price higher today, CEO Coby Hanoch said:

Our valuable partnership with SkyWater has enabled us to bring this first Weebit ReRAM product to market. Our teams have worked tirelessly towards commercialisation of the technology, with our ReRAM IP now commercially available for customers to design their products in SkyWater's US foundry.

ReRAM is no longer the technology of the future – it is here now.

Looking ahead at the next steps, Hanoch said, "We are now working with a number of potential customers to map the technology's advantages to their specific design requirements."

SkyWater CTO Steve Kosier added, "Weebit's technology has excellent reliability even at high temperatures, and is tolerant to radiation and electro-magnetic fields, making it a great fit for many of our customers' demanding target markets."

Weebit will demonstrate its S130 ReRAM IP module in Nuremberg, Germany at Embedded World 2023 on 14-16 March.

Weebit to enter ASX 300

Also likely adding some tailwinds for the Weebit share price is the stock's upcoming inclusion in the S&P/ASX 300 Index (ASX: XKO). That's part of the S&P Dow Jones Indices March 2023
quarterly rebalance, announced on Friday.

Being included in the ASX 300 means that more fund managers, often limited to larger-cap stocks, will be able to invest in the company.

Weebit Nano share price snapshot

As you can see in the chart below, the Weebit Nano share price is up a whopping 126% so far in 2023. Over the past 12 months, the ASX tech share has rocketed 172%.

The post Weebit Nano share price just surged 7% on product commercialisation news appeared first on The Motley Fool Australia.