Australia's Archer Materials falls on discounted share placement

Archer Materials

04/10/2021 01:47

** Shares of semiconductor chipmaker Archer Materials
 AXE.AX  fall as much as 9.8% to A$1.565, their lowest since
Aug. 20 
    ** Co says it will raise A$15 mln ($10.87 mln) in an
institutional placement  urn:newsml:reuters.com:*:nASXbWxDpS
    ** Issue price of A$1.45 per share represents 8.9% discount
to stock's last close on Thursday 
    ** Shares being offered represent 5.4% of co's free float
shares 
    ** Stock on track for a fourth consecutive session of drop 
    ** Stock up 233.7% this year, as of last close
($1 = 1.37601 Australian dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))