Australia's Novatti Group hits record low on discounted capital raising

Novatti

02/01/2024 01:05

** Shares of Novatti Group  NOV.AX  fall as much as 26.5% to
an all-time low of A$0.061 
    ** Stock posts its biggest intraday pct drop since Aug. 23,
2016 
    ** Fintech co announces capital raising initiative with a
share purchase plan to raise up to A$2 mln ($1.36 mln) at an
offer price of 6 Australian cents per share
    ** Offer price represents a discount of 27.7% to stock's
last close
    ** Co says it will also raise up to A$3.5 mln via
convertible note facility 
    ** Says funds will be used to increase security collateral
for growing Payments Solutions division and general working
capital
    ** More than 227,100 shares change hands, compared with the
30-day average volume of 125,513 
    ** Stock fell 59.5% last year in its second straight annual
drop

($1 = 1.4684 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))