Shares of Australia-based LBT Innovations (ASX:LBT) dropped notably by roughly 27.27% to hit a record low of A$0.008.

This marks the tech firm’s worst day since January 12, 2015.

The medical technology company announced it plans to raise approximately A$4.5 million through an entitlement offer.

The offer includes the issue of 900 million new shares, each attached with one option.

LBT states that the new shares will be priced at A$0.005 per share, presenting a significant discount of 54.5% to its last close.

The freshly issued shares surpass its existing free float of 243.4 million by nearly four times.

The stock exchange saw about 3.1 million shares change hands, as compared to the 30-day average trading volume of 402,376.

The stock’s value has descended by 81% year-to-date, based on its last close.

LBT Innovations is a medical technology firm engaging in solutions that enhance the process and effectiveness of medical diagnosing.