Australia's AML3D hits over 8-month low on discounted placement

AML3D

03/04/2024 02:15

** Shares of AML3D  AL3.AX  fall as much as 15.7% to
A$0.059, their lowest level since July 21, 2023
    ** Stock faces worst day since Sept. 11
    ** Industrial machinery and equipment co to raise A$3.9
mln($2.54 mln) at A$0.05 per share
    ** Issue price represents discount of 28.6% to last close
    ** Co intends to establish a standalone, fully operational
facility in Ohio
    ** Adds funds from rights issue to be used to invest in
AML3D’s advanced manufacturing technology to increase its
strategic position in US Defence sector
    ** Stock has fallen 27.1% this year as of last close

($1 = 1.5366 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))