Australia's Rectifier Technologies hits over 8-year low on Tritium orders uncertainty

Rectifier Technologies

31/05/2024 05:09

** Shares of Rectifier Technologies  RFT.AX  fall as much as
25% to A$0.008, their lowest level since April 22, 2016
    ** Electronics maker on track for their worst day since
April 24 if gains hold
    ** After market close on Thursday, co receives a notice
advising that Tritium Pty Ltd has gone into voluntary
administration 
    ** Co has various purchase orders from Tritium, with current
remaining unfulfilled order balances about $16 mln     
    ** Co has not yet received a formal response from Tritium on
purchase orders
    ** Co now expects sales for FY24 to decrease significantly
    ** Stock down 72.2% YTD as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))