NuZee slumps on discounted public offering

CIMG

08/08/2022 14:06

** Food processing co NuZee's shares  NUZE  tank ~25%
premarket to 84 cents - biggest drop since June 12, 2020
    ** Co announces proposed public offering of 4.2 mln shares
at 82 cents per share, representing a 27% discount to stock's
last closing price  urn:newsml:reuters.com:*:nPn19tbr4a
    ** NUZE's gross proceeds are expected to be around $3.4 mln 
    ** Offering makes up for a third of stock's free float of
12.72 mln shares
    ** More than 300,000 shares traded, ~35 times their 25-day
moving average
    ** Up to Friday's close, stock had fallen ~73% compared with
a ~19% decline in the Nasdaq Composite Index  .IXIC 

 (Reporting by Johann M Cherian in Bengaluru)
 ((yohann.mcherian@thomsonreuters.com))