Australia's Magnis Energy sees worst day ever on $100 mln credit facility default

Ryzon Materials

10/11/2023 24:41

** Shares of Magnis Energy Technologies Ltd  MNS.AX  fall as
much as 56.8% to A$0.035, on track for their worst day ever, if
losses hold 
    ** The lithium-ion battery maker's shares hit lowest level
since Sept. 2013 
    ** Co provides update on $100 mln senior secured term loan
credit agreement between Imperium3 New York, a unit of co and
and Charge CCCV LLC and other lenders
    ** Says Imperium3 was served with a notice of default from
the lender alleging that various events of default 
    ** Says lender stated that it may seek to enforce security
it has over assets of Imperium3 if a resolution acceptable to
lender has not been reached by 14 Nov 
    ** Co says enforcement of lender's security against assets
may have a material adverse impact on group's FY2024 financial
performance if a resolution is not reached 
    ** About 14.8 mln shares change hand compared to 30-day
average trading volume of 4.7 mln shares 
    ** MNS down 78.1% YTD as of last close 
   

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