Australia's Genetic Technologies tumbles on discounted placement in US

Genetic Technologies

19/04/2024 05:23

** Shares of Genetic Technologies  GTG.AX  fall as much as
25.7% to A$0.130, posting their biggest intraday pct decline
since Dec. 18, 2023
    ** Stock hits its lowest level since April 4
    ** Molecular diagnostics co announces a $2 mln direct
offering for its American depository shares (ADS)  GENE.O  
    ** Issue price of $2.00 per ADS represents a 39.4% discount
to last close
    ** About 385,600 ASX-listed shares change hands, compared
with the 30-day average volume of 59,427
    ** Stock up 29.6% YTD, as of last close



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