Drops on discounted stock offering

Quotient

11/09/2020 12:48

** Diagnostic products maker's shares  QTNT.O  fall 6.6% to
$4.5 premarket
    ** Co prices offering of 17.6 mln shares at $4.25/share, a
discount of 11.5% to stock's last close  urn:newsml:reuters.com:*:nGNX7BbN1c
    ** Offer size represents 30.3% of co's free float, per
Refinitiv data
    ** Co upsized the offering to $75 mln from $60 mln
previously 
    ** It plans to use net proceeds mainly to fund the ongoing
development and commercialization of its testing platform,
MosaiQ 
    ** Stock down 49.3% YTD

 (Reporting by C Nivedita in Bengaluru)
 ((C.nivedita@thomsonreuters.com))