Australia's Orbital Corp slumps on discounted placement

Orbital

16/11/2022 01:33

** Shares of Orbital Corporation Ltd  OEC.AX  drop as much
as 14.3% to A$0.210, their biggest intraday pct loss since Oct
25
    ** Co says received firm commitments to raise A$5 mln ($3.37
mln)  urn:newsml:reuters.com:*:nFWN32B4FP
    ** Issue price of A%0.20 per share is at a discount of 18.4%
to last close on Nov 11
    ** Says proceeds from the placement to be used for co's
engine development programmes, among others
    ** Stock touches its lowest since Oct 31
    ** Volumes are 2.9 times the 30-day average of 46,666 shares
    ** Stock down 37.7% this year, as of last close 
($1 = 1.4828 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))