Verditek PLC (AIM:VDTK) shares were in the shade on Friday after the solar panel maker raised £500,000 for general working capital via a subscription at a 40% discount.
The price of 0.45p at which the funds were raised from an unnamed "strategic investor" compares to yesterday's closing mid-market price of 0.75p and three-quarters below a recent peak of 1.9p in May after a convertible loan note of £500,000 was secured.
Results in June revealed the company had a cash balance of £842,632 at the end of last year.
Chief executive Rob Richards said: "In these market conditions where it is tough to raise money, it is a clear sign of confidence in the company's future that a strategic investor chose to invest £500,000 and share our vision on where we think this company will be in the future."
He said the board believes that this fundraise "will provide funding for the medium term".
The shares fell 22% to 0.55p on Friday morning.
