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Why these 4 ASX shares started the week in the red

After a weak start the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has found strength as the day goes on and is up 0.35% to 5,809 points in afternoon trade.

Four shares that have failed to follow the market higher today are listed below. Here’s why they have started the week in the red:

The Airxpanders Inc (ASX: AXP) share price has plunged 50% to 20 cents after the medical device company announced the surprise resignation of its president and chief executive officer Scott Dodson with immediate effect. No reason has been given for the departure, which appears to have left shareholders concerned that all is not well at the company.

The Avz Minerals Ltd (ASX: AVZ) share price has continued its slump and is down a further 2% to $2.22. The lithium-focused mineral exploration company’s shares have come under significant selling pressure since it admitted that a paid adviser leaked potentially sensitive images from its Manono project on social media. I would stay clear of AVZ Minerals whilst the two parties continue to work together.

The Mineral Resources Limited (ASX: MIN) share price has fallen 4% to $16.54 after the company announced that it has entered into a binding scheme implementation deed with Atlas Iron Limited (ASX: AGO) in relation to a combination of the two companies. It appears Mineral Resources shareholders don’t see as much value in the deal as Atlas shareholders. According to the release, Atlas shareholders will receive 1 new Mineral Resources share for every 571 Atlas shares they own on the record date.

The Tawana Resources N.L. (ASX: TAW) share price has tumbled almost 8% to 42 cents after announcing that it has received commitments to raise $20 million via the issue of 48,780,488 new fully paid ordinary shares at 41 cents per share. The funds will primarily be used for additional working capital, to enable continued commissioning of the Bald Hill Lithium and Tantalum Mine in Western Australia, and capital expenditure including feasibility studies on expansion projects.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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