BUZZ-Australia's Adisyn hits more than 2-year high on plans to buy semiconductor IP firm

Reuters
2024-10-23

** Shares of Adisyn rise as much as 49.1% to A$0.082, their highest since May 3, 2022

** IT services provider enters into formal negotiations to acquire semiconductor IP business 2D Generation

** Says it will raise A$3 mln ($2 mln) via placement of 60 mln shares at the issue price of A$0.05, at ~9% discount to last close

** Stock posts biggest intraday pct gain since mid-July

** Around 7.1 mln shares traded vs the 30-day avg of ~1 mln

** Stock up 253% YTD

($1 = A$1.4957)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))

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