EOS on track to raise $144 million

Space, communications and defence business Electro Optic Systems is well on the way to raising $144 million from investors to shore up its balance sheet during the Covid-19 crisis.

The Canberra company successfully completed a $134 million placement to institutional investors at $4.75 a share, a 17.4 per cent discount to the prevailing market price.

The company is now offering retail shareholders the opportunity to subscribe to up to $30,000 worth of shares at the same price.

The company’s shares closed last night at $4.05.

EOS has been booming in recent months, with the company sitting on a massive order book including a $450 million order for its remotely controlled weapons systems from the Middle East.

In February it reported profit up 194 per cent to $21.7 million on revenue up 91 per cent to $166 million for the first half.

Picture: Electro Optic Systems

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