Australia's DW8 slumps to 26-month low on discounted placement

Kaddy

18/08/2022 06:47

** Shares of DW8 Ltd  DW8.AX  fall as much as 33.3% to
A$0.010, their lowest since June 18, 2020
    ** Co launches 1-for-6 non-renounceable entitlement offer to
raise up to about A$4.85 mln  urn:newsml:reuters.com:*:nASM000NUD 
    ** Co to issue up to 440.9 mln shares at A$0.011 per share,
representing a discount of 26.6% to the last close on Aug. 12
after which the stock went into a trading halt   
    ** Co will also raise up to A$5 mln ($3.46 mln) from
U.S.-based institutional investor New Technology Capital Group
LLC 
    ** Stock posts its biggest intraday pct fall since March 13,
2020
    ** About 77.3 mln shares change hands, compared with the
30-day average volume of 5 mln
    ** Stock had fallen 69.4% this year, as of last close  


($1 = 1.4449 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))