Shares of Pointerra (ASX:3DP) plummeted by as much as 11.11% to A$0.12, reaching its lowest mark since May 4.

The significant downfall experienced by the stock turned out to be the sternest intraday percent drop off since August 1.

Pointerra, the 3D tech solutions firm, secured firm commitments to raise A$2 million through placement of 16.7 million new fully paid ordinary shares.

The offer price, marked at $0.12 per share, indicates an 11.1% discount to the stock’s last closing price on August 14.

The funds raised are set to be directed towards the development of resources in the company’s US market.

It’s worth noting that about 1.4 million shares have changed hands, contrasting with the 30-day average of 2.3 million shares.

The stock has nosedived 27% this year up until its last close.

Pointerra is a 3D tech solutions company that offers solutions for managing, sharing and visualizing 3D point cloud data.