Orbital Corporation Limited (AU:OEC) has released an update.
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Orbital Corporation Limited has announced a fully underwritten entitlement offer to raise approximately A$2 million, aimed at funding new engine development and strengthening its supply chain. The offer, fully backed by major shareholders UIL Limited and Boneyard Investments, allows shareholders to purchase new shares at a premium price. The funds will support Orbital’s expansion into new UAV propulsion systems, with expected demand from Textron Systems potentially bringing significant annual revenue.
For further insights into AU:OEC stock, check out TipRanks’ Stock Analysis page.