Shares of Felix Group (ASX:FLX) plunge as much as 13.3% to their unprecedented low of A$0.085.

The software company has reported to have received commitments for a placement aimed at raising A$3 million at A$0.08 per share.

The issue price signifies an 18.4% discount to the stock’s most recent closing price.

Apart from this, the company has also announced its fiscal year 2023 results, reporting a 30% surge in sales revenue.

The stock has dropped approximately 25% this year, as of the last close.

Felix Group is a software company specializing in the creation of advanced technology solutions.