Australia's RemSense Technologies hits record low on discounted placement

RemSense Technologies

22/03/2023 02:11

** Shares of RemSense Technologies  REM.AX  tumble as much
as 34.6% to A$0.085, a record low
    ** Technology development firm says it raised A$475,000 from
a placement, at 7.5 Australian cents per share 
    ** Placement price of A$0.075 is a 42% dicount to REM's last
closing price of A$0.13 
    ** Funds raised to be put towards expanding sales and
marketing efforts for its core product Virtualplant, which helps
companies remotely monitor their assets 
    ** Stock records worst ever intraday percentage drop 
    ** Trading volumes at about 5 times the 30-day average, with
about 384,000 shares traded so far
    ** As of last close, REM down 23.5% YTD 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))