The S&P/ASX 200 Index (ASX: XJO) has started the week in a subdued fashion. In afternoon trade, the benchmark index is down 0.1% to 6,472 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
5E Advanced Materials Inc (ASX: 5EA)
The 5E Advanced Materials share price has continued its slide and is down a further 18% to $1.67. Investors have been selling this minerals exploration and production company's shares since the release of its results and the announcement of the surprise exit of its CEO last week.
Appen Ltd (ASX: APX)
The Appen share price is down 2% to $3.06. Appen's shares have come under pressure over the last couple of trading sessions due to concerns over demand for its services. This follows a disappointing update out of one of its biggest customers, Meta.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 6% to $1.04. Investors have been selling this lithium miner's shares after it completed its institutional placement. Core Lithium has raised $100 million before costs at a discount of $1.03 per new share. In other news, the company revealed that it has sold 15,000 dry metric tonnes (dmt) of spodumene via a digital auction. Demand for the spodumene DSO material was strong, which led to Core Lithium commanding a sale price of US$951/dmt.
Infomedia Limited (ASX: IFM)
The Infomedia share price is down 6% to $1.10. This morning the auto industry software provider revealed that it has not received binding takeover offers from Solera Holdings or a consortium comprising TA Associates and Viburnum Funds by its deadline. As a result, it has closed the virtual data room to Solera and the consortium and requested that they destroy or return all confidential information.
