Australia's ADX Energy sinks to record low on discounted placement

ADX Energy

22/07/2026 06:24

** Shares of Australia's ADX Energy ADX.AX drop as much as 25% to a record low level of A$0.018
** Shares eye their worst session since late Nov 2024, if the trend holds
** Energy producer and explorer secures firm commitments to raise A$3.58 million ($2.51 million) via placement 
** Issue price of A$0.02 per share represents a discount of 16.7% to co's last close
** Proceeds from the placement are to be used for multi-zone gas testing of HOCH-1 shallow gas discovery in Austria, among others
** About 11.6 million shares trade hands, 12.6x 30-day average 
** ADX stock down 24% YTD, including the session's moves
     
     
($1 = 1.4278 Australian dollars)

(Reporting by Subhalakshmi Dey in Bengaluru)
((Subhalakshmi.Dey@thomsonreuters.com;))