Australia's Structural Monitoring Systems slumps on discounted placement

Structural Monitoring Systems

05/11/2024 24:58

** Shares of Structural Monitoring Systems  SMN.AX  fall as
much as 24.6% to A$0.52, their largest intraday drop since late
March 2020
    ** Aviation services provider receives binding commitments
to raise A$5 million ($3.29 million) via a placement
    ** Placement issue price at A$0.52 per share, a 24.6%
discount to last close
    ** Says funds will be used for the product development and
manufacturing capacity expansion
    ** Stock hits lowest since July 15
    ** More than 116,000 shares change hands, 2.3 times the
30-day avg
    ** SMN up 13.1% YTD, including current session's moves


($1 = 1.5198 Australian dollars)
    

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))