Australia's RPM Automotive Group falls on discounted placement

Rpm Automotive

18/04/2024 02:13

** Shares of RPM Automotive Group  RPM.AX  fall as much as
18.8% to A$0.069, hitting its worst level since May 27, 2016
    ** The wholesale distributor of tires undertakes placement
to A$4 mln ($2.58 mln) at issue price of A$0.072 per new share
    ** Co says, placement is over 15% discount to stock's last
closing price
    ** Stock on track for its worst day since Aug. 31, 2023 - if
current trends hold
    ** Stock has fallen more than 1% this year as of last close

($1 = 1.5533 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))