Weebit Nano (WBT) AGM 2024 summary

Opening remarks and agenda

• Meeting opened at 3:00 P.M. AEDT with a quorum present, allowing both in-person and virtual participation.

• Notice of meeting and agenda were distributed in advance, enabling all shareholders to ask questions and vote.

• Board members, CEO, CFO, auditor, and share registry representatives were introduced.

• Highlighted Weebit Nano's position as a leading ReRAM IP vendor and outlined the AGM's focus on achievements, financial progress, and strategy.

Financial performance review

• Secured first licensing revenues of AUD 1 million through a commercial agreement with DB HiTek and reported AU$1 million in revenues from multiple commercial deals.

• Successfully completed a share placement of AUD 50 million at a 65% premium over the five-day VWAP and closed a A$50 million underwritten placement at a 6.5% premium.

• Recent fundraising reflects strong institutional investor support, providing resources to accelerate commercialization and technology development.

• Ongoing discussions with over 20 foundries, IDMs, and product companies.

Board and executive committee updates

• No equity allocation to CEO, Chairman, or Directors unless specific milestones are met, including signing new licensing agreements and completing qualification with DB HiTek.

• Dr. Yoav Nissan-Cohen transitioned from executive to non-executive director, and Naomi Simson joined as the first female director, enhancing board independence and expertise.

• Established new board committees for governance, remuneration, finance, audit, risk, strategy, and technology.

• Management team comprises experienced leaders from major semiconductor and technology firms.