In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the day with a small gain. The benchmark index is currently up 0.1% to 7,405.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Creso Pharma Ltd (ASX: CPH)
The Creso Pharma share price is down 4% to 9.6 cents. This morning the cannabis company revealed that it was served with a notice by ASIC requiring it to produce certain documents in connection with an investigation. This "includes suspected contraventions by the Company, its officers, agents, employees and representatives in relation to trading in its securities."
Hansen Technologies Limited (ASX: HSN)
The Hansen share price is down 4% to $5.73. This follows the release of the billing technology company's annual general meeting update. That update reveals that the company is on track for a marginal improvement in operating revenue in FY 2022 excluding the Telefonica contract.
Life360 Inc (ASX: 360)
The Life360 share price is down 9% to $12.30 following the completion of the institutional component of its fully underwritten A$280 million capital raising. Life360 raised the funds at $12.00 per new share, which represents an 11.1% discount to its last close price. These funds are to be used to acquire items tracking company Tile for a purchase price of up to US$205 million. Management notes that the combination of Life360 and Tile creates an integrated market leader in location solutions for all life stages. This enables a seamless experience for families that integrates people, pets and things.
Serko Ltd (ASX: SKO)
The Serko share price is down 11.5% to $6.56. This follows the completion of the travel booking technology company's NZ$75 million placement. According to the release, the placement was fully subscribed at NZ$7.05 per share, representing a 10.2% discount to its last close price. These funds will be used to support the company's growth. This includes its global marketplace strategy, which is aiming to transform Serko from an online booking tool into a distributed marketplace.
