In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. At the time of writing, the benchmark index is down 0.65% to 8,470.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 12.5% to $3.92. This is despite there being no news out of the counter-drone technology company on Friday. However, it is worth noting that DroneShield's shares have been in fine form in recent weeks. This could mean that some investors are taking profit today. For example, the company's shares remain up over 8% since this time last month despite today's decline.
Hub24 Ltd (ASX: HUB)
The Hub24 share price is down almost 4% to $80.27. This appears to have been driven by broad weakness in the tech sector today following a poor night on Wall Street's NASDAQ index. It isn't just Hub24 shares that are falling today. The S&P/ASX All Technology Index is down 1.65% at the time of writing.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is down 16% to 12.2 cents. Investors have been selling the graphite producer's shares after it completed its fourth equity raising in as many years. Syrah has raised approximately A$44 million (US$30 million) at a fixed price of 10.5 cents per new share. This represents a 27.6% discount to its last close price. The company's managing director and CEO, Shaun Verner, commented: "Following the Equity Raise and the Strategic Funding Proposals, Syrah will have a robust balance sheet with pro-forma liquidity of ~US$198 million to support ramp up at Balama and Vidalia and provide a pathway to near term sustainable cash flow generation."
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 15% to $3.86. This has also been driven by an equity raising. Weebit Nano advised that it successfully completed a fully underwritten $80 million institutional placement, alongside an additional $7 million placement to investors in Israel. The new shares were issued at $4.05 each, which represents a 10.8% discount to the company's last closing price. Commenting on the news, Weebit Nano's CEO, Coby Hanoch, said: "This is a strategic capital raise for Weebit Nano. It significantly strengthens our balance sheet, enabling us to accelerate development and commercial activities to ensure our ReRAM is the clear leader at a time when the industry is moving to adopt ReRAM in next-generation technologies. As the market's only independent provider of qualified ReRAM, we have the first mover advantage. Still, scaling our R&D activity is essential to continuously improving the technology and solidifying our leadership position for many years to come."
The post Why DroneShield, Hub24, Syrah, and Weebit Nano shares are sinking today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield and Hub24 and is short shares of DroneShield. The Motley Fool Australia has recommended Hub24. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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