Near $1 billion semiconductor group Weebit Nano is in a bit of a pickle, with the company’s shares tanking right as it was preparing on an equity raising.
Weebit Nano revealed its raising in the worst possible way - via its response to a speeding ticket from the ASX, asking why its shares had tanked.The ASX asked Weebit Nano if there was anything information that if known by the market could explain why its shares dropped from $6.94 to $5.72 in less than two days.“WBT has been considering an underwritten institutional placement and a non-underwritten share purchase plan...
Nevertheless, it’s pushing ahead with the deal, with stockbrokers Jefferies and Canaccord in its corner underwriting a $45 million institutional placement. There was a $10 million SPP not underwritten. It’s obviously a poor time to push ahead with a raising, with Weebit Nano dropping 36 per cent this week. The stock last traded at $5.54, to value the company at $962 million on a market capitalisation basis.
The raising is at $5 a share, a 9.7 per cent discount to the last close and a 30.2 per cent discount to the five-day VWAP. Funds raised were for Weebit to use to have its semiconductor materials technology qualified by semiconductor fabricators and foundries.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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