Shares of Oracle (NYSE:ORCL) Power plummeted 54% following the announcement of its plans to raise £350,000 ($422,695) through a conditional share placement, contingent on approval from shareholders at an upcoming general meeting. The funding is intended to boost their green hydrogen project.

The company has proposed a capital reorganization, which would divide each ordinary share into a new ordinary share valued at 0.001 pence and a non-tradable deferred share priced at 0.099 pence. This move is subject to the approval of the capital reorganization.

The directors of Oracle Power have endorsed these resolutions, stating that they serve the best interests of both the company and its shareholders. They further stressed that without these measures in place, the company would be unable to raise equity capital.