DroneShield has closed its share purchase plan and will accept roughly $9.5 million in applications.
The security tech developer received applications to raise approximately $15.3 million, but will scale-back the applications and refund outstanding funds to shareholders.
According to a report in the Market Herald, DroneShield recently completed a $7.5m placement through the issue of 60m fully paid ordinary shares at a price of 12.5 cents each.
The company now has around $17m in funding which it will use to drive growth in target markets.
However, the Market Herald report went on to explained how despite the announcement, DroneShield has dropped 11.8% on the market and shares are trading for 15 cents each.
It said that DroneShield has now closed its share purchase plan and will accept roughly $9.5m in applications.
The security tech developer received applications to raise approximately $15.3m, but will scale-back the applications. Because of this, DroneShield will refund any outstanding applications and funds to shareholders.
Shares are expected to be issued on September 10 and begin quotation on September 11.
The company’s CEO, Oleg Vornik, said: “We are pleased to have received outstanding shareholder support in the current challenging environment.
“Together with the placement proceeds, the company has received approximately $17 million, with a significant portion of the proceeds to be deployed to rapidly scale DroneShield’s growth in our target markets.”