Excite Technology Services (ASX:EXT) is set to raise AU$1 million via the placement of 100 million shares priced at AU$0.01 apiece, according to a Friday filing with the Australian Securities Exchange.
The proceeds will be used for working capital to fund the company's sales investment and boost its digital forensics and incident response capabilities, the filing said.
Shares fell more than 15% in afternoon trade.
Price (AUD): $0.01, Change: $-0.0020, Percent Change: -15.38%
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.