Australia's X2M Connect falls on discounted placement

X2M Connect

15/07/2025 03:40

** Shares of X2M Connect X2M.AX tumble 16.7% to A$0.015, their biggest pct loss since June 25

** Stock hits lowest level since July 4

** Internet of Things (IoT) technology firm announces placement to raise about A$2.6 mln ($1.70 mln) at A$0.013 per share

** Offer price at a 27.8% discount to last close on July 9

** Adds entitlement offer to raise up to A$2.3 mln

** Stock down 50% YTD

($1 = 1.5277 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)

 ((Sneha.kumar@thomsonreuters.com;))