Leather goods firm Pittards is planning to raise £255,000 with a placing of one million shares at a price of 25p per share.
The Somerset-based company has been struggling within the challenging economic environment, which saw its shares drop 39% on Friday.
Pittards has said it has been operating at or around the ceiling of its banking facilities in recent months, which is "as a result of significant adverse foreign currency movements, resulting from the weakening pound sterling."
