Oracle Power PLC (AIM:ORCP) shares fell 22% on Thursday after the project developer confirmed that investors had exercised warrants to buy more than 107 million new shares.
The warrants, originally issued in October 2023, were exercised at 0.05467 pence each, raising about £58,500 for the company.
The new stock will begin trading on AIM on 7 October and will carry the same rights as existing shares.
Following the issue, Oracle’s total share capital will rise to just over 15.7 billion shares.
The increase in the number of shares in circulation, known as dilution, means existing investors’ stakes are reduced unless they take part in the new issue.
Oracle, which is led by chief executive Naheed Memon, develops international energy and natural resources projects. The company gave no update on its operations alongside today’s announcement.
The shares fell 0.013p to 0.045p.