Australia's BluGlass slumps to record low on discounted placement

Bluglass

01/05/2025 05:32

** Shares of BluGlass BLG.AX falls as much as 31.3% to a record low of A$0.011; last down 28.1%

** Stock set for weakest session ever

** Semiconductor developer receives commitments to raise A$2.3 million ($1.5 million) via placement

** Issue price of A$0.013 represents a discount of 18.8% to its last close

** Also launches a share purchase plan to raise up to A$6 million and says all funds will be used to scale product delivery to fulfil new and existing contracts, among others

** About 23.8 mln shares traded in stock's busiest session since February 20, 2023

** BLG down 50% YTD, including current session's moves

($1 = 1.5623 Australian dollars)

 (Reporting by Manasi Dasa in Bengaluru)

 ((Manasi.DasaSundeep@thomsonreuters.com;))