Dialight PLC on Wednesday said it has raised £10.6 million through a placing and retail offer.

The London-based electronics company specialising in LED lighting said a total of 6.6 million new shares priced at 159 pence each have been allotted as part of the placing and retail offer.

The fundraise was launched on Tuesday, after market close. The fundraise price represents a 9.4% discount to Tuesday’s closing price of 175.50p.

Shares in Dialight were down 9.4% to 159.00 pence each in London on Wednesday afternoon.

It said it believes the fundraising will enable implementation of the transformation plan to be accelerated and de-risked by providing increased headroom to support near term investment commitments. It explained that acceleration and successful execution of the transformation plan would help enable the group to meet its recently published medium term financial targets in its 2026 financial year.

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