Global Invacom (SGX:QS9) has raised around SG$4.8 million from its renounceable partially-underwritten rights issue, according to a Friday filing with the Singapore Exchange.
The satellite ground equipment provider received valid acceptances and excess applications for 112.7 million shares, with the remaining shares to be taken up by the underwriter.
The shares were priced at SG$0.0035 apiece, and are expected to be listed on Sept. 9.
Proceeds will be used to fund research and development, specialist resources, corporate expenses and working capital needs.
Shares of the company plunged over 21% in Monday trading.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments