Australia's BikeExchange hits record low on discounted capital raise

Bikeexchange

25/05/2022 03:51

** Shares of cycling-focused marketplace operator
BikeExchange  BEX.AX  slide as much as 37.5% to an all-time low
of A$0.025
    ** Co raises A$6.7 mln ($4.75 mln) through a placement and a
one-for-one entitlement offer  urn:newsml:reuters.com:*:nASX7pK50H
    ** Issue price of A$0.02 per new share represents a 50%
discount to stock's last closing price
    ** Shares on track for their worst day ever
    ** As of last close, stock down 74.2% this year

    ($1 = 1.4112 Australian dollars)

    

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))