Australia's Microba Life Sciences faces worst day ever on discounted placement

Microba Life Sciences

23/10/2023 02:30

** Shares of Microba Life Sciences Ltd  MAP.AX  fall as much
as 30.5% to A$0.210, heading for their worst day ever
    ** Precision microbiome co said on Thursday it will buy UK's
Invivo for A$12.5 mln ($7.90 mln), plus up to A$8.7 mln in
earn-out consideration
    ** Said co will fund takeover through an entitlement offer
of up to A$20 mln
    ** Said entitlement offer is priced at A$0.23 per share,
representing a discount of 23.8% to last close on Wednesday
    ** Co said on Monday it has completed the institutional
component of the entitlement offer, raising about A$12.3 mln
    ** Stock hits lowest level since Nov 25, 2022
    ** More than 1 mln shares change hands, compared with the
30-day average volume of 71,443 
    ** Stock down 4% YTD, as of last close on Oct 18 
    ** Shares were on a trading halt on Oct 19 and 20
   
($1 = 1.5820 Australian dollars)

 (Reporting by Aaditya Govind Rao)
 ((Aaditya.GovindRao@thomsonreuters.com;))