Company
ASX:AXE
Archer is a quantum technologies company developing solutions for next-generation computing, advanced sensing, and breakthrough medical applications.
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Eligible shareholders in the semiconductor developer and tech stock have priority access to ChemX’s pioneer offer, which is out to raise as much as A$8 million ahead of the December 20 listing.
The company has entered into an MOU with The Adelaide University’s Australian Institute for Machine Learning with the cooperation intended to last five years.
A semiconductor technology company, Archer is the only ASX-listed company developing a quantum computing processor chip.
The company’s lab-on-a-chip technology enables the complex detection of some of the world’s most deadly communicable diseases.
AXE received subscriptions for A$25.4 million, which means that SPP applications will all be scaled back in accordance with the terms of the SPP offer document dated October 7, 2021.
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With AXE now a fully-fledged technology company the funds will be used to advance its semi-conductor ambitions.
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Archer is the only ASX listed company and one of the few players in the world developing qubit processor chip technology in the semiconductor industry.
All conditions for the sale of the mineral exploration business to iTech Minerals Ltd have been satisfied and completion will take place on October 14, 2021.
The raise comes as AXE looks to complete its transition to deep technology company, which includes the sale of its mineral exploration tenements to iTech Minerals Ltd.
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New non-executive director Bernadette Harkin brings more than 20 years of experience as a business technologist across strategy, sales, marketing, operations and delivery for multinational Information Technology companies.
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The money raised through the placement will be used in conjunction with A$5 million to be raised in a non-underwritten share purchase plan that will provide AXE with A$20 million to develop its 12CQ quantum computing qubit processor chip an
Shares will remain in a trading halt until Tuesday, October 5, or when an announcement is released to the market.
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During FY21 the company strengthened its transformation into a pure materials technology play by disposing of mineral exploration assets.
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“A high level of debt could pose risks to the economy in the event of a shock to household incomes or a sharp decline in housing prices. It is these macro-financial risks that warrant close watching.”
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Through the US patent, Archer Materials is poised to leverage the US Innovation and Competition Act's potential investiture in semi-conductor quantum computing market.
Completion of the transaction is subject to iTech completing its IPO and being admitted to the official list of ASX.
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Archer is developing and commercialising advanced semiconductor devices, including chips relevant to quantum computing and medical diagnostics.
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The company considers the massive Chinese market as a critical strategic jurisdiction to protect and commercialise its intellectual property.
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The patent is a strong validation of the technology’s industrial and technical global competitive advantage.
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Alice leaves a significant long-lasting legacy – none more important than the transition of Archer to a deep technology company with a market capitalisation exceeding $300 million.
