Australia's Alpha HPA falls on discounted equity raising

Alpha HPA

21/05/2024 03:45

** Shares of Alpha HPA  A4N.AX  fall as much as 5.5% to
A$0.945, set for worst day since May 1, if losses hold         
    ** Metals and technology co says it completed successful
A$175 million  ($116.41 million) equity raising 
    ** New shares to be issued at A$0.90 per share, which is a
10% discount to stock's last close
    ** Proceeds to be utilised to advance co's HPA First
Project, an aluminium production initiative
    ** Stock hits lowest level since May 16
    ** A4N down 4.8% YTD, as of last close

($1 = 1.5033 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))