Australia's Painchek slides on discounted share purchase plan

PainChek

14/02/2024 01:34

** Shares of Painchek  PCK.AX  fall as much as 11.8% to
A$0.030, hitting lowest level since Sept 20, 2023
    ** The pain assessment tech developer announces a fully
underwritten share purchase plan to raise A$2.5 mln ($1.61 mln)
before costs     
    ** Issue price will be at a 20% discount to the 5-day
volume-weighted average price (VWAP) of co's shares - co
    ** Funds raised will be used for USA market entry and
commercialisation, among others - co
    ** Stock set for worst day since Jan 8 , if trend holds
    ** Painchek stock down over 8% YTD, as of last close

    ($1 = 1.5509 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))