The S&P/ASX 200 Index (ASX: XJO) is off its lows and trading slightly in the red this afternoon. At the time of writing, the benchmark index is down a few points to 7,293.8 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:
Catapult Group International Ltd (ASX: CAT)
The Catapult share price has sunk 8% to $2.00. The sports analytics and wearables company’s shares have come under pressure after it announced the completion of its equity raising. According to the release, the company has raised $35 million via an underwritten institutional placement of new shares at a price of $1.90. This represents a discount of 12.8% to its last close price. Catapult is raising funds to acquire SBG Sports Software and accelerate its growth strategy.
Earlypay Ltd (ASX: EPY)
The Earlypay share price has fallen 6% to 45 cents. This decline has also been driven by an equity raising. The payment advance company revealed that it has received commitments to raise $18.85 million via a placement to new and existing institutional and professional investors. According to the release, the company is raising the funds at a price of $0.42 per new share. This represents a 12.5% discount to its last close price. The proceeds will be used to support its new trade finance product.
Nuix Ltd (ASX: NXL)
The Nuix share price is down 2.5% to $2.54. This morning the embattled investigative analytics and intelligence software provider informed the market that a search warrant was executed at Nuix’s Sydney office seeking documents. It advised that this is in relation to an investigation into the affairs of an individual and does not relate to any allegation of wrongdoing by Nuix.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price has tumbled 11% to $37.88. Today’s decline has been caused by the spin-off of its drinks business. This has seen Endeavour Group Limited (ASX: EDV) join the ASX 200 index today, with Woolworths’ shareholders receiving one Endeavour Group share for every Woolworths share they hold. The Endeavour Group share price is trading at $6.17 this afternoon.