Australia's Audio Pixel set for worst day in over two years on discounted placement

Audio Pixels Holdings

24/08/2022 04:25

** Shares of Audio Pixel Holdings  AKP.AX  slump as much as
14.8% to A$14.46, set for worst day in more than two years, if
losses hold
    ** The digital loudspeaker tech co says it has received
binding commitments to raise A$10 mln ($6.90 mln) via
non-underwritten placement  urn:newsml:reuters.com:*:nFWN2ZZ20T
    ** Co says proceeds raised will be primarily be used for
development and marketing, including payment of outstanding debt
    ** Issue price of A$14.00 per share represents a 17.5%
discount to the last closing price on Aug 19  
    ** Shares hit lowest since July 15, slips for a third
straight day
    ** Stock down 24.6% this year, as of last close

   ($1 = 1.4501 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))