Australia's BluGlass dips most in about 2 years on discounted placement

Bluglass

12/03/2023 23:48

** Shares of BluGlass Ltd  BLG.AX  slump as much as 17.3% to
A$0.062, posting their biggest intraday pct loss since June 9,
2021
    ** The semiconductor developer says it has received
commitments for A$10.2 million ($6.77 million) via a placement 
    ** Says will also undertake a non-renounceable entitlement
Offer to raise up to a further A$2.7 million
    ** Issue price of A$0.06 for both is at a 20% discount to
last close on March 8
    ** Says funds will be used to scale product delivery and
expand laser offering to address new markets
    ** Shares hit lowest level since Feb 20
    ** Stock has risen 188.5% YTD as of last close

    


($1 = 1.5060 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))