Shares of Orbital Corporation were seen to rise as much as 4.2% to A$0.125, reaching their top level since September 18.

The surge comes as the industrial technology company secures firm commitments for a capital raise to the tune of A$4 million.

The new shares have been issued at a price of A$0.14 each, reflecting a 16.7% premium as compared to the stock’s last closing price.

The funds collected from the capital raise will be applied to support the company’s existing engine development programs.

In other company news, CEO and managing director, Todd Alder, has stepped down from his role, with Andrew Mills taking over the reins as the interim chief executive officer.

However, despite the recent surge, the company’s shares are down by 33.3% Year-To-Date as of the last close.

Orbital Corporation is a company that works within the industrial technology sector, developing and providing innovative solutions.