Light Science Technologies Holdings PLC on Tuesday said it has raised £1.5 million through the issue of 150 million new shares at 1 pence per share.
Light Science shares fell 47% to 2.00 pence each in London on Tuesday morning.
The Derbyshire, England-based agricultural lighting and monitoring systems provider said the fundraising includes a placing of 107.8 million new shares, and a private subscription of 42.3 million subscription shares.
Chief Executive Officer Simon Deacon will take 15.0 million of the subscription shares.
Of the 107.8 million placing shares, 29.5 million have been placed with a single investor under the company’s authority to allot shares for cash on a non-pre-emptive basis. These shares will be admitted to trading on Wednesday.
The remainder of the shares, conditional on shareholder approval, are expected to be admitted on April 24.
A retail offer for up to 50.0 million new shares is set to open on Wednesday and will run until April 11.
The proceeds of the placing will be used for product development and intellectual property protection in its controlled environment agriculture division, as well as for other capital purposes, the company said.
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