In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is continuing its charge and racing higher. At the time of writing, the benchmark index is sitting at 7,262 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
Alpha HPA Ltd (ASX: A4N)
The Alpha HPA share price is down 5% to 59 cents. This morning the high purity alumina (HPA) company announced the successful completion of a $50 million placement to institutional and sophisticated investors. These funds were raised at an 11.3% discount of 55 cents per new share. The proceeds will be used for the construction and delivery of its Precursor Production Facility (PPF), the fast-tracking of long lead items for the full-scale commercial facility, and for general working capital purposes.
BetMakers Technology Group Ltd (ASX: BET)
The BetMakers share price has continued to sink and is down a further 4% to $1.09. This betting technology company's shares have been sold off since announcing a $4 billion offer to acquire the Tabcorp Holdings Limited (ASX: TAH) Wagering and Media business last week. Given that $3 billion will be paid in BetMakers shares, shareholders appear concerned they will be diluted materially.
Mesoblast limited (ASX: MSB)
The Mesoblast share price has fallen 3% to $1.86. This follows the release of the allogeneic cellular medicines company's third quarter update. During the quarter, the company reported a loss after tax of US$26.5 million. This brought its financial year to date loss to US$76.75 million. But thanks to a US$110 million private placement in March, the company finished the period with a cash balance of US$158.3 million. Management believes this is sufficient to meet its short-term goals, commitments, and ongoing operations during the next twelve months.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is down 2% to $55.13. This follows the release of its strategy briefing this morning. Wesfarmers provided an update on current trading with the briefing. That update reveals that its retail businesses have been cycling the impacts of COVID-19 in the prior year from mid-March. This has led to significant volatility in monthly sales growth results. It also revealed that online sales growth has moderated and that its Catch business has experienced a decline in sales since March.