Australia's Anteotech hits over 1-yr low on capital raise plan

Anteotech

26/07/2023 04:26

** Shares of Anteotech Ltd  ADO.AX  slump nearly 13% to
A$0.034, coming off a two-day trading halt
    ** Stock hits 1-year low and is set for worst day since
March 2022, if losses hold
    ** Biotechnology firm to raise A$6 mln ($4.1 mln), with A$2
mln via a stock buyback and A$4 mln via a share issue
    ** Issue price of A$0.032 is an 18% discount to stock's
close on July 21
    ** Trading vol of over 5.7 mln shares is 5x the 30-day avg
    ** Stock down 31.6% this year, as of last close
 
 ($1 = 1.4789 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))