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Everspin is now a public company after raising $40 million

Friday, October 7, 2016 21:45
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(Before It's News)

MRAM chip maker Everspin started trading at the NASDAQ yesterday (Oct 7) – under the ticker “MRAM”. The company sold 8 million shares at $8 a share, raising $40 million (a bit lower than the expected $45 million) in the successful IPO.

Everspin 128Kb automotive MRAM photo

At the first trading day the stock price soared to $9.1 but quickly returned to the original IPO price of $8.

In 2015, Everspin generated $26.5 million in revenues – and reported a net loss of $18.2 million. Everspin has over 600 end-customers and Since 2008 it had shipped more than 60 million MRAM Chips. Everspin currently produces MRAM and STT-MRAM chips ranging from 128K to 256Mbit, and will soon launch 1 Gbit STT-MRAM chips. Everspin has three product generations: Toggle-MRAM, STT-MRAM and pMTJ STT-MRAM chips.

Everspin started sampling its new pMTJ ST-MRAM chips in August 2016. The p-MTJ ST-MRAM offers improved performance, higher endurance, lower power, and better scalability compared to previous MRAM and ST-MRAM products. Everspin is developing on a scaled-down 1Gb version.

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