GeoOp shares plunge 23% after discounted rights offer announced

Sophie Boot
Mon, 12 Sep 2016

By Sophie Boot Sept. 12 (BusinessDesk) - GeoOp's shares dropped 23 percent after the management app developer said it plans to raise $3.6 million in a discounted rights offer. The NZAX-listed company will issue up to 17.9 million new shares at 20 cents apiece, a 38 percent discount to where the shares traded before the announcement of 32.5 cents. The shares recently traded at 25 cents, matching the record low reached earlier in the year. The stock sold at $1 in its initial public offering in October 2013 and soared as high as $4.49 in Nov...

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