Poly Xverse Intelligent Technology (HKG:0209) has revised the price for its proposed share placement to HK$0.36 from HK$0.34 and moved up the deadline to meet the transaction's conditions to Oct. 23 from Nov. 3, according to a Tuesday Hong Kong bourse filing.

The adjusted price represents an 18.18% discount to the stock's closing price of HK$0.44 on Tuesday.

The company expects to raise about HK$10.4 million in net proceeds from the placement, assuming full subscription.

It plans to allocate 50% of the proceeds to staff costs, 20% to rent, management fees and related expenses, and the remaining 30% to audit fees and other administrative expenses.