Electro Optic Systems Holdings (ASX:EOS) - CEO, Dr Ben Greene (left)
CEO, Dr Ben Greene (left)
Sourced: Electro Optic Systems
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Defence and space company, Electro-Optic Systems (EOS) has completed a $134 million placement to enhance its cash balance
  • The company issued around 28 million shares for a price of $4.75 per share
  • The funds raised will be used for liquidity and continue to fund ongoing projects
  • The company could raise a further $10 million through a share purchase plan
  • Electro-Optic Systems is down 17.1 per cent on the market and is trading for $4.77 per share

Defence and space company, Electro-Optic Systems (EOS) has completed a $134 million placement to enhance its cash balance.

The company issued around 28 million shares for a price of $4.75 per share. The funds raised will be used for liquidity and continue to fund ongoing projects.

CEO Dr Ben Greene is pleased with the placement.

“The placement was well supported by our existing institutional shareholders as well as a number of new institutional investors,” he said.

“We are pleased to have secured the funding required to fund working capital requirements and ongoing growth initiatives,” he added.

The company is feeling the impacts of COVID-19 and this cash will fill the gap until the virus has slowed down and restrictions are scaled back.

Share Purchase Plan

The company could raise a further $10 million through a share purchase plan (SPP). The SSP will be to existing eligible shareholders at the same price of the placement.

Eligible shareholders will be able to purchase up to $30,000 worth of shares.

Electro-Optic Systems is down 17.1 per cent on the market and is trading for $4.77 per share at 12:25 pm AEST.

EOS by the numbers
More From The Market Online
3D Printing

AML3D tweaks metal 3D printing tech for use by third party Oz defence supplier

AML3D has announced a $280,000 contract to upgrade an existing robotic welding system with the company's…
AI gen large drone

Electro Optic Systems inks 92% revenue growth for 1H CY24

ASX defence stock Electro Optic Systems has announced it saw revenue grow 92% to $142.6M in…
Data centre stacks

SKS Technologies wins US$90M award to supply power to international hyperscale data centre in Melbourne

SKS Technologies has announced its receipt of a US$90M contract to assist building out an international…

Air compressor company Sprintex expands into Turkey with ESG bent

Air compressor company Sprintex (ASX:SIX) has announced its expansion into Türkiye on the back of a…