The Israeli high-tech company raised the money in a reverse merger on the Australian Securities Exchange.
Israeli flash computer memory company Weebit Nano has raised A$5 million on the Australian Securities Exchange (ASX) in Sydney. The money was raised through a reverse merger into the stock market shell of mining company Radar Iron. After the IPO, the Hod Hasharon based company has a market cap of A$26 million.
Weebit Nano was founded in 2014 to develop a memory and semiconductor technology invented by Professor James Tour of Rice University, Houston, Texas. The technology strives to enable semiconductor memory to become cheaper, swifter, more reliable and more energy efficient than existing flash technology.
Weebit Nano CEO Yossi Keret told the "Australian Financial Review" that he had rejected the investment terms of Israeli venture capitalist and embarked on an Australian IPO instead. "It's almost like they structure and price deals for the founding investors to fail," he said. "They always want to put their own board in, things like that. The ASX is like liquid venture capital, without the horrible strings."
Published by Globes [online], Israel business news - www.globes-online.com - on August 3, 2016
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