Australia's Recce Pharmaceuticals slips to near 11-month low on discounted placement
BUZZ-Australia's Recce Pharmaceuticals slips to near 11-month low on discounted placement ** Shares of Australia's Recce Pharmaceuticals RCE.AX fall as much as 19.6% to A$0.370, their lowest point since August 8, 2025
** Stock down 18.8% so far this week, set for its worst week since early July 2024, if trend sustains
** The pharmaceutical firm says it has received firm commitments to raise A$4 million ($2.76 million) via placement at an issue price of A$0.40 per new share
** Placement price represents a 13% discount to the last closing price
** Adds share purchase plan to be launched to raise up to an additional A$4.0 million on the same terms as placement
** Proceeds will be used to strengthen the balance sheet for commercial licensing with a leading Middle Eastern pharmaceutical firm and fund ongoing clinical trials, among others, company says
** Recce stock down 40%, YTD
($1 = 1.4514 Australian dollars)
(Reporting by Keshav Singh Chundawat in Bengaluru)
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