Velocity Composites Ltd (AIM:VEL), a supplier of composite kits to the aerospace sector, has announced plans to raise £6.7 million.
The company has already secured £1.2 million and has conditionally raised a further £5 million. Velocity is also launching a retail offer, aiming to generate up to an extra £500,000.
The stock was priced at 40p, a 13% discount to Tuesday's close. The shares opened 7.5% lower at 42.55p.