The Electro Optic Systems Holdings Limited (ASX: EOS) share price is in the red this week amid changes to the S&P/ASX 300 Index.
The company's shares are currently swapping hands at $1.655 each, down 3.5%. The Electro Optic share price has lost almost 9% in the past week.
Let's take a look at what is happening with Electro Optic lately.
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Removal from ASX 300
Electro Optic Systems has been removed from the S&P/ASX 300 Index. Investors were informed of this decision in an announcement to the market after close on Friday.
Other shares facing the axe from the index include Mount Gibson Iron Limited (ASX: MGX), Opthea Limited (ASX: OPT), and Marley Spoon Ag (ASX: MMM).
Joining the ASX 300 club are Aussie Broadband Limited (ASX: ABB), Core Lithium Limited (ASX: CXO), and MA Financial Group Limited (ASX: MAF) among others. The changes will take effect prior to open on March 22.
This news comes on the back of a tough year for the defence, space, and communications company. Since the start of the year, the Electro Optic share price has slipped more than 28%.
Electro Optic shares took a hit on 28 February amid the release of the company's full-year earnings results for 2021. It reported a 12.2% drop in its underlying revenue to $14.3 million, while its net loss improved 32% to $16.8 million.
Just days earlier, on February 25, Electro Optic shares charged 12% higher on a satellite update. Electro Optic announced its subsidiary SpaceLink had made several satellite "breakthroughs", including an upgraded design. The company believes this will boost profit due to improved margins on cost.
Electro Optic share price summary
The Electro Optic share price has plunged more than 66% in the past 52 weeks, while it is down almost 26% in the past month alone.
For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned around 4% over the past year.
The company has a market capitalisation of about $252 million.
