Australia's Unith loses most in over six years on discounted placement

Unith

16/07/2026 03:53

** Shares of Australia's Unith UNT.AX fall as much as 27.3% to A$0.008, their biggest intraday pct drop since late April 2020     
** Shares hit their lowest level since June 12
** The technology company announces A$1 million ($699,200) placement at A$0.008 per share, a discount of 27.27% to stock's last close 
** Company also announces entitlement offer to raise further A$1.8 million
** Says funds will be used to accelerate technology, marketing and business development, others
** Adds that agreement to convert A$500,000 of debt to equity on same terms as placement and rights issue
** Near 8.5 million shares trade hands, about 4.9x 30-day average volume
** Stock down 11.1% YTD, including session's moves

   ($1 = 1.4302 Australian dollars)

 (Reporting by Subhalakshmi Dey in Bengaluru)
 ((Subhalakshmi.Dey@thomsonreuters.com;))