Australia's Oncosil Medical hits record low on discounted entitlement offer

Oncosil Medical

17/03/2023 01:06

** Shares of Oncosil Medical  OSL.AX  dip as much as 51.6%
to a record low of A$0.015
    ** Medical device maker says it is seeking to raise up to
A$9.9 mln ($6.60 mln) before costs through non-renounceable
entitlement offer of 1 new share for every 1 share held
    ** Issue price of A$0.01 per share is at a 67.7% discount to
last close on March 16
    ** Says funds raised to be used for manufacturing and supply
chain optimisation projects, among others
    ** Shares post their biggest intraday pct drop since March
25, 2019
    ** Volumes 38.3% of the 30-day average of 667,524 shares
    ** Stock has fallen 54.3% so far this week, on track for its
worst week since March 29, 2019
    ** Stock down 31.1% YTD, as of last close

($1 = 1.5008 Australian dollars)

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