Trade Window shares fell 15.8% when they resumed trading after the import and export software firm raised $9 million from institutional investors at an even cheaper price. 

The stock fell 16 cents to 85 cents in midday trading on the NZX, holding above the 70 cents price paid by new and existing shareholders who took part in the private placement that attracted more than $9m of bids. 

Chief executive AJ Smith said the company was “extremely pleased” with the outcome, which had been “well supported”. 

“The capital raising provides Trade Window with the funding to continue to execute on quality growth opportunities moving forward,” he said.

Following the completion of the private placement, Trade Window opened its $1m share purchase plan for existing retail investors.

Those shares would be sold at either the placement price, or at a 2.5% discount to the average market price in the last five days of the offer period – whichever is lower – and eligible shareholders would be able to apply for up to $15,000 worth of new shares.

The company announced the trading halt and $10 million capital raising on Tuesday, saying it needed funds for an acquisition and further development of its products.

Chair Alasdair MacLeod said at the time that global trade was undergoing a “game-changing transformation” and the company wanted to “take advantage” of opportunities to grow.