Why Carsales, EOS, Imugene, and Tyro shares are sinking today

These ASX shares are sinking on Wednesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing, the benchmark index is down 0.8% to 6,709.5 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Carsales.Com Ltd (ASX: CAR)

The Carsales share price is down 12% to $18.25. This has been driven by the completion of the auto listings company’s institutional entitlement offer. Carsales has raised approximately $842 million at a 14.5% discount of $17.75 per new share. The proceeds from this and its retail entitlement offer will be used to fund the acquisition of the remaining 51% of Trader Interactive.

Electro Optic Systems Hldg Ltd (ASX: EOS)

The EOS share price has crashed 27% to $1.12. This afternoon the struggling defence and space systems company announced that it has received binding commitments for an institutional placement to raise $15 million. These funds will be raised at a 22% discount of $1.20 per new share. EOS also revealed that its first half performance has been impacted by two contract delays. As a result, it expects to post a massive $45 million EBIT loss for the half.

Imugene Limited (ASX: IMU)

The Imugene share price is down 14% to 18.5 cents. This immuno-oncology company’s shares have fallen heavily over the last two trading sessions. This means that its shares have given back the majority of the gains recorded on Monday following a positive study update.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price has sunk 17% to 65 cents. Investors have been selling this payments company’s shares after it announced the surprise exit of its managing director and CEO, Robbie Cooke. After five years with the company, Cooke is leaving to become the new leader of casino and resorts operator Star Entertainment Group Ltd (ASX: SGR).

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 Electro Optic Systems Holdings Limited and Tyro Payments. The Motley Fool Australia has recommended Electro Optic Systems Holdings Limited, Tyro Payments, and carsales.com Limited. 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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