Australia's Evion tumbles on discounted rights issue

Evion NL

10/12/2024 01:08

** Shares of Evion Group  EVG.AX  fall as much as 17.2% to
A$0.024, posting their biggest intraday percentage decline since
June 24
    ** Stock hits its lowest level since Sept. 26
    ** Graphite developer says it will raise up to A$2.7 mln 
($1.74 mln) via a rights issue at A$0.023 per share
    ** Issue price represents a 20.7% discount to co's last
close
    ** About 1.2 mln shares change hands, compared with the
30-day average volume of around 306,000
    ** Stock down 29.4% YTD, including session's move

($1 = 1.5559 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com))