Australia's Opthea hits over 5-yr low after discounted placement

Opthea

28/08/2023 05:29

** Shares of Opthea  OPT.AX  plunge as much as 27.5% to
A$0.435 - lowest level since June 1, 2018
    ** Biotechnology co says will raise A$80 mln ($51.44 mln)
through a private placement of A$10 mln and a A$70.0 mln
entitlement offer
    ** The issue price of A$0.46 represents a discount of ~19%
to stock's last close on Wednesday, after which they went on
halt
    ** Over 1.2 mln shares changed hands, versus 30-day average
of 299,318 shares
    ** Stock last down 21.3%, eyes worst day since March 19,
2020, if losses hold
    ** Stock fell over 34% this year, as of last close

($1 = 1.5557 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))