ASX-listed Aroa Biosurgery slides most in 2-1/2 months on discounted placement

Aroa Biosurgery

29/07/2021 03:28

** Shares of New Zealand-based Aroa Biosurgery Ltd  ARX.AX 
lose as much as 4.2% to A$1.135, their biggest one-day loss
since May 17
    ** The soft tissue regeneration firm announces placement of
A$47 mln ($34.6 mln) and launches A$5 mln share purchase plan
(SPP) to invest in its U.S. commercial operations  urn:newsml:reuters.com:*:nASXb4Y2X7
    ** Co to issue around 40.3 mln new shares under the
placement, which represents about 20% of its free float 
    ** New shares are priced at A$1.165 apiece, a discount of
1.7% to stock's last close on July 26, after which co went on a
trading halt
    ** SPP under similar terms as the share placement
    ** ARX shares at their lowest level since July 2, with
trading volumes at 675,769 shares, double the 30-day avg of
305,354
    ** Stock up 3% this year, as of last close
    
    ($1 = 1.3583 Australian dollars)

 (Reporting by Yamini C S)
 ((Yamini.CS@thomsonreuters.com;))