Australia's Sprintex slumps on discounted placement

Sprintex

27/03/2025 01:57

** Shares of Sprintex SIX.AX fall 11.3% to A$0.055, their lowest since March 14

** Technology co announces capital raising of A$3.25 million ($2 million) at A$0.05 per share

** Issue price represents a discount of 19.4% on the stock's last close

** Co says funds to be used to reduce debt, support working capital, and enable expansion into Asia-Pacific and European markets

** About 515,155 shares change hands, 1.7x the 30-day average of 274,131

** Stock down 9.8% YTD, including session's moves

($1 = 1.5896 Australian dollars)

 (Reporting by Jasmeen Ara Shaikh in Bengaluru)

 ((JasmeenAraIslam.Shaikh@thomsonreuters.com;))