Australia's Redflow falls most in more than 2 months on discounted capital raise

RedFlow

08/06/2023 04:05

** Shares of Redflow Ltd  RFX.AX  dip as much as 15.2% to
A$0.195, posting their biggest intraday pct loss since April 3
    ** Battery co announces pro-rata non-renounceable
entitlement offer to raise up to A$18.9 mln ($12.60 mln)
    ** Issue price of A$0.21 per new share is at an 8.7%
discount to last close on June 5
    ** Says funds raised will be used to support growth in
large-scale multi-megawatt-hour projects, pursuit business
development opportunities and key projects
    ** Shares hit their lowest level since May 31, on track for
a third consecutive session of losses 
    ** RFX stock up ~7% YTD, as of last close 

($1 = 1.5004 Australian dollars)

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