Australia's Eden Innovations soars as unit undergoes restructuring

Eden Innovations

09/11/2022 01:53

** Shares of Eden Innovations Ltd  EDE.AX  jump as much as
16.7% to A$0.007, on track for best day highest since Oct 17
    ** Construction materials seller says its United States
unit- Eden Innovations LLC underwent restructuring and reduced
workforce to decrease its overall operating costs  urn:newsml:reuters.com:*:nASX4xpS6r
    ** Says co's total budgeted annual operating costs were
reduced over past three weeks by more than A$3 mln ($1.95 mln)
    ** Says unit is still maintaining its full production
capabilities and most of its sales team
    ** Stock hits highest since Oct 28
    ** More than 3.7 mln shares change hands, vs the 30-day
average volume of 2.5 mln shares
    ** Stock down 71.4% this year as of last close
($1 = 1.5399 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))