- 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.