Ann: Weebit Nano to partner on Neuromorphic ReRAM Project, page-149

see wbt prospectus dated 3 May 2016

Identified as the first "Key Risk" at the bottom of page 10:

".. Under the Rice University Licence Agreement, Weebit is required to make a first commercial sale of a product developed using the ReRAM Technology by no later than 1 July 2019. IfWeebit fails to do so, there is a risk that Rice University may terminate the Rice UniversityLicence Agreement"

Rice's termination right is separate from wbt's obligations re US$750k in payments for a research project under the Sponsored Research Agreement (see 13.3 of Prospectus), and Rice's entitlement to royalties (1.5% of adjusted gross sales + 25% of any consideration received under a sub-licence: Section 13.2).

Rice will have a fiduciary responsibility to negotiate something in exchange for granting an extension of time.  Uncertainty/question mark over what it will cost wbt ($$ for another research project?, shares?, increased royalties??) to get an extension.  

That's the problem with not owning the IP