Australia's Audinate Group faces worst day in over 1 year on discounted placement

Audinate

08/09/2023 03:33

** Shares of Audinate Group  AD8.AX  fall as much as 10.2%
to A$12.840 - lowest level since Aug 24
    ** Stock last down 9%, on track for worst day since June 14,
2022, if losses hold
    ** Audio-visual technologies provider says it successfully
completed a fully underwritten placement of A$50 mln ($31.94
mln)
    ** Adds non-underwritten share purchase plan (SPP) offer to
raise up to A$20 mln opens on Sept 14
    ** Issue price of A$13 per share represents a discount of 9%
to last close
    ** Stock had risen 91% this year, as of last close

($1 = 1.5654 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))