Australia's Family Zone Cyber drops most in 1 week on discounted placement

Qoria

09/03/2023 02:36

** Shares of Family Zone Cyber Safety Ltd  FZO.AX  slump as
much as 11.9% to A$0.185, posting their biggest intraday pct
drop since March 1
    ** FZO, which operators a platform for parents to monitor
child behaviour and mobile content, says it has received firm
commitments for A$20 mln ($13.17 mln) placement
    ** Issue price of A$0.18 per new share is at a 14.3%
discount to last close on March 6
    ** Says will also convert A$5 mln on its existing working
capital facility to equity
    ** Proceeds raised to be used for working capital to fund co
beyond cashflow break even and profit, among others
    ** Shares touch their lowest level since March 2
    ** About 1 million shares exchange hands vs the 30-day
average of 397,015 shares
    ** Stock down 25% YTD, as of last close 

    ($1 = 1.5191 Australian dollars)

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