Shares of IMEXHS (ASX:IME) saw a substantial drop on the market, tumbling to a low not seen since December 13, 2023.

The company experienced a 7.7% fall to A$0.6, making it the largest intraday percent drop since December 8, 2023.

This stumble comes in response to binding commitments received by the company for a placement of A$1.25 million ($828,000).

The placement was issued at a price of A$0.55 per share, marking a discount of 15.4% compared to the stock’s recent closing price.

This issuance of 2.7 million shares represents about 0.1% of the medical imaging software provider’s free float of 42.7 million shares, according to data from LSEG.

As of its last closure, the stock is down 3% year-to-date.

IMEXHS (ASX:IME) is a provider of medical imaging software solutions.