Shares in Oracle Power PLC (AIM:ORCP) dropped 55% after it unveiled a heavily discounted £350,000 fundraiser.
Stock was issued at 0.35p, less than half Tuesday's closing price. The shares also came with a warrant attached on a one-for-two basis.
Proceeds from the cash call will be used to fund the company's green hydrogen collaboration with Sheikh Ahmed Dalmook Al Maktoum, a member of the Dubai ruling family.
At 8.26 am, Oracle shares were changing hands for 0.034p, down 0.042p.