Australia's Excite Technology Services tumbles on discounted placement

Excite Technology Services

11/10/2024 04:21

** Shares of Excite Technology Services  EXT.AX  fall 15.4%
to A$0.011, set for biggest daily drop since June 28, if current
losses hold
    ** Cyber security firm says it has received commitments to
raise A$1 mln ($674,200) in a placement, for market resources
and fund investment in group's sales     
    ** Issue price of A$0.01/share represents ~23% discount to
last close on Oct. 8, when trading was halted pending capital
raising announcement
    ** About 11.2 mln shares change hands, 2.2x the 30-day avg
    ** Stock up 37.5% YTD 
    
($1 = 1.4832 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com;))