HiTech Group Australia tumbles on discounted placement
16/09/2026 01:45
BUZZ-HiTech Group Australia tumbles on discounted placement ** Shares of HiTech Group Australia HIT.AX fall as much as 9.9% to A$1 in early trade, their lowest since July 22
** Stock logs largest intraday pct loss since mid-May
** Recruitment services provider receives firm commitments to raise A$4 million ($2.85 million) via a placement
** Placement issue price at A$1 per share, a 9.9% discount to stock's last close
** Co says funds will be used to support working capital requirements of recently completed acquisition of selected assets from Hudson Global Resources (Aust) Pty
** More than 18,000 shares change hands, 1.7 times the 30-day average
** Stock down 37.7% YTD, including the day's moves
($1 = 1.4035 Australian dollars)
(Reporting by Nikita Maria Jino in Bengaluru)