By Giulia Petroni
IQE’s shares fell on Thursday after the semiconductors company reported results of a placing announced this week.
The British supplier said a total of 150 million new ordinary shares have been placed at a price of 20 pence a share, raising gross proceeds of GBP30 million.
The issue price represents a discount of approximately 14.9% to the closing price of 23.5 pence for each existing ordinary share on Wednesday.
At 0730 GMT, shares were down 14% at 20.10 pence.
IQE also said an application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on the alternative investment market. Trading is expected to commence on or around May 22.
IQE announced the placing on Wednesday, saying proceeds will be used to meet its near-term liquidity requirements and deliver a sustainable balance sheet position going forward.
Write to Giulia Petroni at giulia.petroni@wsj.com
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