Australia's Pearl Global sees worst session since June on discounted placement

Entyr

24/11/2022 24:26

** Shares of Pearl Global  PG1.AX  slump as much as 20% to
A$0.016, on track to see their worst session since June 1 - if
losses hold 
    ** The waste recycling tech firm says it has received
binding commitments to raise about A$6.82 million ($4.60
million) via a two-tranche share placement  urn:newsml:reuters.com:*:nFWN32J1S2
    ** Co says net proceeds will be used to support the
commercialisation of co's technology at the Stapylton site in
Queensland, Australia; among others
    ** Issue price of A$0.015 per share is at a 25% discount to
the last closing price on Nov. 21 
    ** Shares hit lowest since Aug. 17 
    ** Stock has fallen ~4.8% this year, as of last close
($1 = 1.4839 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))