Global Invacom Raises SG$5 Million From Rights Issue; Shares Plunge 21%

MT Newswires

09/07

Global Invacom (SGX:QS9) has raised around SG$4.8 million from its renounceable partially-underwritten rights issue, according to a Friday filing with the Singapore Exchange.

The satellite ground equipment provider received valid acceptances and excess applications for 112.7 million shares, with the remaining shares to be taken up by the underwriter.

The shares were priced at SG$0.0035 apiece, and are expected to be listed on Sept. 9.

Proceeds will be used to fund research and development, specialist resources, corporate expenses and working capital needs.

Shares of the company plunged over 21% in Monday trading.

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