Australia's Archer Materials falls on discounted placement
03/07/2026 05:57
BUZZ-Australia's Archer Materials falls on discounted placement ** Shares of Australia's Archer Materials AXE.AX down as much as 8.1% to A$0.285, hitting lowest level since May 8
** Stock posts its biggest pct loss since June 16
** Quantum technology co completes A$7 million ($4.86 million) two-tranche placement of 25.9 million new shares
** Issue price of A$0.27 per share represents a discount of 12.9% to stock's last close on June 30
** Co intends to undertake non-underwritten share purchase plan to raise up to A$3 million, at same offer price as placement
** Says funds will be used to support IonQ IONQ.N partnership, develop biochip and advanced materials technologies
** Stock down nearly 8% so far this week
** Stock down 14.71% YTD
(Reporting by Shravya Marakini in Bengaluru)