Sensen Networks, an Australian sensor and artificial intelligence solutions provider, saw its shares fall as much as 4.2% to A$0.046, marking its largest intraday percentage fall since October 4.

The company announced an entitlement offer of A$2.09 million ($1.34 million) of new shares.

Sensen Networks is planning to issue 52.4 million new shares, which represents 18.61% of its free float of 281.7 million shares.

The issue price of the shares will be A$0.04 per share, which signifies a 16.7% discount to the stock’s last closing price.

Shares for the company are down by 7.7% year to date, as of the last close.

Sensen Networks is an Australian-based provider of sensor and AI solutions.