Australia's Orbital Corporation hits 1-wk high on premium capital raise

Orbital

26/09/2023 02:57

** Shares of Orbital Corporation Ltd  OEC.AX  rise as much
as 4.2% to A$0.125, their highest level since Sept 18 
    ** Industrial technology firm receives firm commitments for
a capital raising of A$4 mln ($2.57 mln)
    ** Issue price of A$0.14 per new share is 16.7% premium to
stock's last close 
    ** Says funds from capital raising will be used to support
co's existing engine development programs
    ** Co also announces its CEO and managing director, Todd
Alder has stepped down 
    ** Says Andrew Mills, has been appointed as interim chief
executive office 
    ** Orbital down 33.3% YTD as of last close 
   


($1 = 1.5569 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))