Australia's Beonic drops on discounted capital raise

Beonic

19/06/2024 04:26

** Shares of Beonic  BEO.AX  fall as much as 23.1% to
A$0.020, posting their biggest intraday percentage decline since
Aug. 1, 2023
    ** Stock hits its lowest level since March 19
    ** AI spatial management software co says it will raise
A$5.5 mln ($3.7 mln) via placement and share purchase plan at
A$0.022 per share
    ** Placement price represents a 15.4% discount to co's last
close
    ** About 629,000 shares change hands, compared with the
30-day average volume of around 159,000
    ** Stock down 31% YTD, including session's moves

($1 = 1.5002 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))