Norwood Systems (ASX:NOR) raised AU$500,000 via an over-subscribed placement to sophisticated and professional investors through an issue of 26.3 million fully paid ordinary shares at AU$0.019 per share, according to a Friday Australian bourse filing.
The company will use the funds for strategic market expansion efforts, accelerated product development, customer experience enhancements, operational efficiency improvements, a partial repayment of debt, as well as the pursuit of strategic partnerships, per the filing.
Norwood Systems' shares fell nearly 13% in recent trading on Friday, earlier hitting a 52-week low.
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