Electro Optic Systems (ASX:EOS) completed its share purchase plan (SPP), with the company receiving valid applications of AU$95 million from 4,909 eligible shareholders, exceeding the AU$25 million target, according to a Friday filing with the Australian bourse.

The board decided to accept AU$40 million in SPP applications following strong demand, the filing said.

Roughly 5 million new shares will be issued to eligible shareholders at AU$8 a piece under the SPP.

The SPP was undertaken in conjunction with the AU$150 million institutional placement and the further AU$40 million strategic placement disclosed in May, per the filing.

Shares rose 4% in morning trade on Friday.