Alligator Energy shares experienced a steep drop, as much as 19.1% to A$0.055, putting the company on track for its worst day since September 20, 2021, should the losses hold.

The energy explorer raised A$25.5 million through a placement to support its uranium development operations.

The shares' issue price amounted to A$0.052 per share, representative of a 23.5% discount to the stock’s previous closing price.

Trading volumes have also demonstrated heightened activity, reaching twice the 30-day average of 14.8 million shares.

Despite the current dip, as of the last close, Alligator Energy’s stock has increased by 74.4% this year.

Alligator Energy (ASX:AGE) is an energy exploration company focusing on uranium development.