Australia's Forbidden Foods at one-week low on discounted placement

OMG

08/12/2022 03:31

** Shares of Forbidden Foods Ltd  FFF.AX  fall as much as
4.7% to A$0.041, their lowest since Dec. 1
    ** Organic foods maker says to raise A$1.08 mln ($724,896)
in a placement of shares
    ** Issue price of A$0.0355 per share represents a 17.4%
discount to stock's last close on Monday
    ** Co says proceeds will be used to unlock growth
opportunities in the United States 
    ** Adds it will issue 34.47 mln new shares under a rights
issue to raise up to A$1.22 mln
    ** Aggregate 64.89 mln new shares to be issued represent
62.8% of co's free float of 103.40 mln shares - Refinitiv Eikon
    ** More than 166,000 shares change hands, vs the 30-day
average volume of 160,000 shares
    ** Stock had fallen 80.5% this year, as of last close
($1 = 1.4899 Australian dollars)
 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))