Australia's Magnis Energy Technologies slumps on discounted placement

Ryzon Materials

17/07/2023 03:14

** Shares of Magnis Energy Technologies Ltd  MNS.AX  slide
as much as 13.8% to A$0.125, their biggest intraday pct loss
since Nov 19, 2021
    ** The lithium-ion battery maker raises A$10 mln ($6.82
mln)via a placement
    ** The placement price of A$0.12 represents a discount of
20.8% to stock's last close of A$0.145 on July 12
    ** Co was placed on a trading halt on July 13, pending
announcement on a fund raising
    ** Stock hits lowest since June 26
    ** Total 10.5 mln shares change hands, vs 30-day avg volume
of 6.5 mln shares 
    ** Stock up 32.1% YTD, as of last close 

    ($1 = 1.4669 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com))