Australia's Future First Technologies hits 16-month low on discounted placement

Asset Vision

20/12/2021 02:12

** Shares of software solutions firm Future First
Technologies Ltd  FFT.AX  slide as much as 7.9% to A$0.035
    ** Stock hits lowest level since Aug. 20, 2020; set for
worst session since Nov. 26    
    ** Co raises A$2.35 mln ($1.67 mln) from sophisticated and
institutional investors at A$0.03 per new share  urn:newsml:reuters.com:*:nASX5sKG7F 
    ** Placement price represents a 21.1% discount to FFT's
close of A$0.038 on Wednesday, when stock last traded
    ** Proceeds will be used to support expanded sales force,
accelerate integration of Eaglesoft, a company it acquired in
June
    ** About 369,000 shares change hands, compared with the
30-day average of about 142,000 shares 
    ** Stock has fallen about 11% this year, as of last close 

($1 = 1.4053 Australian dollars)

 (Reporting by Harshita Swaminathan in Bengaluru)
 ((Harshita.Swaminathan@thomsonreuters.com))