Australia's Family Zone Cyber falls most in over 2 years on discounted placement

Qoria

04/05/2022 02:17

** Shares of Family Zone Cyber Safety Ltd  FZO.AX  slip as
much as 17.1% to A$0.34, logging their sharpest intraday fall
since March 2020
    ** FZO, which operators a platform for parents to monitor
child behaviour and mobile content, says it raised A$42 mln
($29.82 mln) through a placement 
    ** Issue price of A$0.34 per share is at a 17% discount to
the stock's last close  urn:newsml:reuters.com:*:nASX3cGWcW
    ** Says funds raised will be used to acquire internet safety
solutions provider Qustodio LLC and to fund the company to cash
flow break-even
    ** Announced acquisition of Qustodio on May 2 for $52 mln
    ** Stock touches its lowest levels since March 14
    ** About 1.5 mln shares change hands, compared with the
30-day average volume of 848,000 shares
    ** Stock down 32% this year, as of last close

     ($1 = 1.4086 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))