BUZZ-Australia's Magnis Energy sees worst day ever on $100 mln credit facility default

Reuters2023-11-10

** Shares of Magnis Energy Technologies Ltd fall as much as 56.8% to A$0.035, on track for their worst day ever, if losses hold

** The lithium-ion battery maker's shares hit lowest level since Sept. 2013

** Co provides update on $100 mln senior secured term loan credit agreement between Imperium3 New York, a unit of co and and Charge CCCV LLC and other lenders

** Says Imperium3 was served with a notice of default from the lender alleging that various events of default

** Says lender stated that it may seek to enforce security it has over assets of Imperium3 if a resolution acceptable to lender has not been reached by 14 Nov

** Co says enforcement of lender's security against assets may have a material adverse impact on group's FY2024 financial performance if a resolution is not reached

** About 14.8 mln shares change hand compared to 30-day average trading volume of 4.7 mln shares

** MNS down 78.1% YTD as of last close

(Reporting by John Biju in Bengaluru)

((John.Biju@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment