Australia's DroneShield falls to 2-month low on discounted placement

DroneShield

01/08/2024 03:22

** Shares of DroneShield  DRO.AX  fall as much 19.4% to
A$1.12, their lowest level since May 31
    ** Shares on track for worst day since July 22, if current
losses hold
    ** Defence software co says it has completed its fully
underwritten share placement raising A$120 mln ($78.42 mln)
    ** Issue price of A$1.15 per share represents a 17.3%
discount to stock's last close 
    ** Co says proceeds will be used to fund artificial
intelligence research & development into new counterdrone
products, among others
    ** About 30.3 mln shares change hands by 0206 GMT, 1.4 times
the 30-day average volume 
    ** Stock had more than tripled in value this year, as of
last close

($1 = 1.5302 Australian dollars)

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