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