Australia's LBT Innovations plunges to record low on discounted placement

Clever Culture Systems

13/10/2023 04:50

** Shares of Australia's LBT Innovations  LBT.AX  drops as
much as 27.27% to a record low of A$0.008
    ** LBT marks worst day since Jan. 12, 2015
    ** The medical technology company says it will raise about
A$4.5 mln ($2.85 mln) through entitlement offer
    ** Under offer, to issue 900 mln new shares, one option
attached per share
    ** Says new shares priced at A$0.005 per new share, a
discount of 54.5% to last close
    ** Newly issued shares are nearly four times its existing
free float of 243.4 mln
    ** About 3.1 mln shares change hands, compared to 30-day
average trading volume of 402,376
    ** Stock down 81% YTD, based on last close

 (Reporting by Aaditya Govind Rao in Bengaluru)