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ReRAM Startup in Reverse Takeover for Funds
Peter Clarke, EETimes
3/21/2016 11:10 AM EDT
LONDON—Australian firm Radar Iron Ltd. is set to acquire Weebit Nano Ltd. (Tel Aviv, Israel), a company founded in 2014 to commercialize silicon dioxide resistive RAM technology.
Radar Iron is traded on the Australian Stock Exchange and one of the terms of the deal is that Radar Iron will change its name to Weebit Nano Ltd. once the takeover is completed. The deal also includes the raising of A$5 million (about $3.8 million) and is expected to close early in 1Q16 with Radar Iron relisting on the ASX on April 13 with a new ticker name Weebit.
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