Hydrogen Utopia International PLC (LSE:HUI, OTCQB:HUIPF) shares fell 27% to 2.3p after the waste-to-hydrogen company announced a placing with its first institutional investor, raising £600,000 gross.
The placing involved the issue of 26.6 million new ordinary shares at 2.25p each. In addition, 13.3 warrants were issued at an exercise price of 3p, on a one-for-two basis, valid for 24 months from issue.
Hydrogen Utopia said the proceeds will be used to accelerate its growth in the Kingdom of Saudi Arabia, where it holds a MISA licence and support from the Research, Development and Innovation Authority (RDIA), as well as in other key Gulf Cooperation Council markets.
Last week, shares in the company spiked above 4p for the first time this year after it announced an endorsement from Saudi Arabia's RDIA for its waste-to-hydrogen technology.
Funds will also support the commercial deployment of Inentec's PEM melter waste-to-hydrogen technology.
Application has been made for the new shares to be admitted to trading on the London Stock Exchange on or around 15 December 2025. The new shares will rank pari passu with existing ordinary shares.