In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently down 0.45% to 7,138.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
AMA Group Ltd (ASX: AMA)
The AMA share price is down almost 48% to 6.3 cents. This morning, this smash repair company completed a capital raising to clean up its balance sheet. The company raised $55 million at a 37.5% discount of 7.5 cents per new share. AMA will now seek to raise $14.9 million via a retail entitlement offer.
Audinate Group Ltd (ASX: AD8)
The Audinate share price is down 9% to $13.02. This has also been driven by the completion of a capital raising. The audio-visual media networking solutions provider has raised $50 million from institutional investors at $13 per new share. This represents a more palatable 9% discount to its last close price. The proceeds will be used to deliver organic growth through continued strategic investment in new and innovative products.
Data#3 Limited (ASX: DTL)
The Data#3 share price is down 3% to $6.99. This appears to have been driven by the release of a broker note out of Morgans. According to the note, the broker has downgraded the IT solutions company's shares to a hold rating with a $7.00 price target. The broker made the move on valuation grounds.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down 4.5% to $1.31. Investors have been selling this fund manager's shares following the release of its latest funds under management (FUM) update. According to the release, Platinum's FUM fell 6.3% to $16,679 million in August.
