Here we go again ...Hot defence stock Electro Optic Systems seeks $40m in equity raise
Mar 20, 2024 – 6.40pmListen to this article2 minElectro Optic Systems is capitalising on a massive run-up in its share price, with the ASX-listed defence and communications outfit tapping Bell Potter and Canaccord Genuity to launch an equity raise.
EOS has been supplying its counter-drone system to Ukraine.
Sources told Street Talk that the company, which has a market capitalisation of $347 million, is seeking up to $40 million from investors, wall crossing fund managers on Tuesday night. Proceeds would fund working capital needed to fulfil customer orders.
The company operates two divisions – defence systems, which specialises in technology for weapon systems optimisation and integration, and space systems, which houses its space and communications businesses.
EOS last pocketed $15 million in a 2022 equity call brokered by Petra Capital. The raise came after a horror year for the company, which had fallen around 65 per cent amid balance sheet pressure. It was also working closely with Greenhill & Co on a strategic review, looking at options to maximise value from its portfolio of businesses.
But, it’s managed to right the ship, landing contracts to supply remote weapon systems to Ukraine and an unnamed European government as regional geopolitical tensions ratchet up, and with the Australian Defence Force to modernise communications.
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EOSElectro Optic Systems
$2.080 2.46%View EOS related articlesMar 23Jun 23Sep 23Mar 240.0000.5501.1001.6502.200Updated: Mar 20, 2024 – 8.04pm. Data is 20 mins delayed.EOS, which has been run by Andreas Schwer since July 2022, last reported $71 million in cash. Peter Leahy, a former Army chief, stepped down as chairman in November 2022.
Here we go again ...Hot defence stock Electro Optic Systems...
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