Vmoto (ASX:VMT), an electric two-wheel vehicle manufacturer, has hit its lowest point since May 5, 2020.

The company announced it would undertake a non-renounceable entitlement offer to raise up to A$10.8 million at an issue price of A$0.15 per new share.

This issue price indicates a discount of nearly 10% to company’s last close.

Vmoto (ASX:VMT) experienced a significant decline this year, with shares falling 58.2% as of its last close.

Vmoto (ASX:VMT) is a manufacturer of electric two-wheel vehicles.