Redflow Limited (ASX:RFX) has announced an equity raising of up to $14.5 million, through a share placement to sophisticated and professional investors, as well as a share conversation.
The battery storage manufacturing company says the equity raising follows a detailed and in-depth strategic review of the company, during a challenging and transitional period.
Redflow is issuing the shares at 10 cents per share, which is a 35.48 per cent discount to the closing price of the share traded on 12 July 2017.
The company says the activities that it is undertaking to transition its manufacturing and implement key product cost-down projects are critical to the company’s success.
Shares in Redflow Limited (ASX:RFX) are trading flat at 15.5 cents.