Bubs Australia slips to near 6-year low on discounted placement

Bubs Australia

24/11/2023 24:49

** Shares of Bubs Australia  BUB.AX  fall as much as 24.24%
to A$0.125, their lowest since Jan 3, 2017 
    ** Trading resumes after a halt since Nov 22
    ** Stock set on track for its worst day since Aug 23, 2017,
if losses hold
    ** The dairy firm says it completed A$14 mln ($9.11 mln)
placement to boost co's growth in the U.S and launched a share
purchase plan at A$0.125 apiece, representing a 24.2% discount
to stock's last close
    ** Stock is top loser in ASX All Ordinaries index  .AORD 
    ** About 2.6 mln shares change hands, 4.5 times the 30-day
average volume 
    ** Stock down 45% this year, as of last close

    ($1 = 1.5366 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))