Australia's Frugl Group hits record low on discounted capital raise

Infocus group

11/01/2023 24:42

** Shares of Frugl Group  FGL.AX  fall as much as 22.2% to
an all-time low of A$0.007
    ** The retail intelligence firm says it has received firm
commitments for a placement of A$1.7 mln ($1.17 mln)
    ** Issue price of A$0.004 per share is at a 55.6% discount
to stock's last close on Jan 9
    ** Says placement to take place in two tranches
    ** Adds proceeds from the placement will primarily support
the marketing of Frugl Grocery App, among others
    ** Volumes are 9.3x the 30-day average of 255,139 shares
    ** Stock is biggest intraday pct loss since Sept 30, 2022
    ** Frugl stock lost ~50% in 2022
    ($1 = 1.4493 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))