Australia's Nexion Group falls most in over 1 week on discounted placement

Nexion

25/11/2022 24:22

** Shares of Nexion Group Ltd  NNG.AX  fall as much as 15%
to A$0.068, biggest intraday pct loss since Nov 17
    ** The cloud service provider says it is seeking to raise up
to about A$6.4 million ($4.32 million) before costs through a
pro rata non-renounceable entitlements offer 
    ** Issue price of A$0.05 per share is at a 37.5% discount to
last close on Nov 24
    ** Says proceeds of the entitlement offer to be used for
development of cloud services business, among others
    ** Volumes are 6.7x the 30-day average of 41,741 shares
    ** Stock has fallen 52.9% this year as of last close 
($1 = 1.4799 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))