Australian Strategic Materials slumps on discounted placement

Australian Strategic Materials

17/04/2024 04:15

** Critical metals producer Australian Strategic Materials
 ASM.AX  plunges as much as 20.1% to A$1.150, marking its
biggest intraday pct drop since August 2020
    ** ASM touches its lowest level since March 20, trading
18.8% lower at A$1.170 as of 0305 GMT 
    ** ASM worst performer in the ASX All Ordinaries index
 .AORD 
    ** More than 860,000 shares change hands, vs the 30-day
average of 387,020 shares
    ** Co announces placement of 12.9 mln shares at A$1.16
apiece, a discount of 19.4% to previous close
    ** Shares issued represent 7.8% of ASM's free float of 166.8
mln shares, according to LSEG data
    ** Including Wednesday's losses, ASM down 7.9% this year

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))