Australia's Control Bionics drops on discounted placement

Control Bionics

23/09/2024 04:19

** Shares of Control Bionics  CBL.AX  fall as much as 4% to
A$0.073, their lowest levels since Aug 15
    ** Stock set to log its worst day since mid-Sept, if current
trend holds 
    ** The medical device manufacturer says it will raise A$1.15
mln ($783,495.00) via a share placement of 16.4 mln shares
    ** Placement at an issue price of A$0.07, a roughly 8%
discount to last trading price on Sept 18 
    ** Co says funds will be used for product software
development, among others
    ** Newly issued shares represent ~23% of CBL's free float of
69.6 mln shares, according to LSEG data
    ** Including day's moves, CBL stock up 58.7% YTD   
    
    ($1 = 1.4678 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))