The Trendlines (SGX:42T) is expecting to raise around SG$3.4 million through the issuance of up to 51.4 million shares at SG$0.0666 per share to 11 subscribers, according to a Tuesday filing with the Singapore Exchange.
Shares of the company slumped over 10% in Wednesday trading.
Following the proposed subscription, the total issued share capital of the company will increase to 1.37 billion shares, with the consideration to be paid no later than Dec. 12.
Net proceeds raised from the subscription will be deposited with banks or invested in money market instruments.
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