Australia's Control Bionics hits 2-week low on discounted capital raise

Control Bionics

17/05/2023 03:16

** Shares of Control Bionics Ltd  CBL.AX  fall as much as
4.8% to A$0.100, hitting their lowest in two weeks 
    ** Speech-generating devices maker says it is undertaking a
pro rata non-renounceable rights issue to raise about A$2.865
mln ($1.94 mln)
    ** Funds raised will be used to accelerate new growth
initiatives including commercialisation of new products  
    ** Issue price of 9.5 AU cents per share at about 9.5%
discount to stock's last closing price on May 12 
    ** Stock had fallen ~36.4% this year, as of last close
($1 = 1.4743 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))