FBR (ASX:FBR) shares experienced a decline of as much as 9.4% to A$0.029, marking the largest intraday percentage drop since September 27.

The robotic technology firm recently announced the completion of an institutional placement intended to raise A$6.2 million.

With an issue price of A$0.025 per share, this represents a 21.9% discount to the stock’s closing price on October 4.

The raised capital is proposed to be used to advance the commercialization strategy of Wall as a Service partnership in the United States, among other ventures.

This news saw FBR shares dropping to their lowest point since October 3.

Around 4.7 million shares were exchanged, significantly more than the 30-day average of 1.7 million shares.

As of the last close, FBR’s stock was down 15.8% year-to-date.

FBR is a company that specializes in advanced robotics technology.