Australia's Magnis Energy slumps to 3-year low after discounted capital raise

Ryzon Materials

21/07/2023 03:22

** Shares of Magnis Energy Technologies  MNS.AX  drop as
much as 12.5% to A$0.105 - their lowest level since July 15,
2020
    ** The lithium-ion battery maker is down ~26% this week,
after undertaking a discounted capital raising
    ** On Monday, MNS said it will raise A$10 mln ($6.77 mln) at
a discount of 20.8% to last close on July 12 before it went on a
trading halt
    ** On Friday, MNS tops losses on the ASX All Ordinaries
index  .AORD 
    ** More than 18.6 mln shares change hands vs the 30-day
average volume of 6.4 mln shares
    ** Stock down ~68% this year, as of last close    

($1 = 1.4765 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))