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Verditek Plc Shares Plunge 9.7% on £3.5M Share Issue

Simon Mugo trader
Updated 28 Oct 2020

Practice Stock Trading
Verditek logo

Shares of Verditek PLC (LON: VDTK) today fell 9.7% after the solar panel manufacturer unveiled plans to raise £3.5 million via a discounted placement of 43.75 million new shares priced at 8p apiece.

The funds raised from the share issue will be used as working capital to buy raw materials as it increases the production of lightweight solar panels. The money will also shore up its working capital while also boosting its balance sheet.

Verditek has won multiple contracts from the maritime, agricultural, oil & gas and mining sectors for projects located in Australia, Peru, Thailand and the UK since June.

The share issue is not underwritten.

Verditek share price

Tradingview chart of Verditek share price 28102020

Verditek shares today fell 9.7% to trade at 7.90p having dropped from Tuesday’s closing price of 8.75p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading