Australia's Way 2 Vat faces worst day in 4 months on discounted fund raise

Way 2 Vat

28/02/2024 03:06

** Shares of Way 2 Vat  W2V.AX  slump as much as 22.2% to
A$0.021, face worst day since Nov 1 - if current losses hold 
    ** Fintech co says it has received firm commitments to raise
A$4.25 mln ($2.77 mln) via two-tranche share placement 
    ** Co also launches a share purchase plan to raise up to A$1
mln
    ** Issue price of A$0.022 per share represents an 18.5%
discount to last closing price 
    ** Funds raised will be used for working capital purposes -
co
    ** Shares hit their lowest level since Feb 20 
    ** Stock had more than doubled in value this year, as of
last close

($1 = 1.5316 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))