Aston Martin Slumps as Carmaker Moves Forward With Capital Raise

Aston Martin Lagonda Global Holdings Plc shares plunged as much as 14% after the British manufacturer announced that it’s firming up a capital raise enabling new and existing investors to buy the stock at a steep discount.

The 4-for-1 rights issue first announced in July will raise gross proceeds of about £575.8 million ($662 million). The issue price of 103 pence per new share represents a 78.5% discount to Aston Martin’s Sept. 2 closing price, the luxury-car maker said in a statement.