The S&P/ASX 200 Index (ASX: XJO) is having a subdued finish to the week. At the time of writing, the benchmark index is down 0.25% to 8,202 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Image source: Getty Images
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3% to 30 cents. This appears to have been driven by profit taking after the semiconductor company's shares rocketed higher in recent weeks. Even after today's pullback, Brainchip's shares are up approximately 90% since this time last month. This is despite there being no announcements released to the share market. It did unveil Akida Pico earlier this month on its website. It is a low power acceleration co-processor that enables the creation of very compact, ultra-low power, portable and intelligent devices for wearable and sensor integrated AI. Brainchip's next quarterly update is due to be released later this month.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price is down 2% to $2.76. This morning, the building materials company announced the completion of the retail entitlement offer component of its capital raising. Fletcher Building raised a total of NZ$700 million under the placement and entitlement offer. This includes gross proceeds of approximately NZ$587 million from institutional investors and approximately NZ$113 million under the retail entitlement offer. However, approximately 13 million new shares were not taken up under the retail entitlement offer and have been allocated to the underwriters. If they have decided to sell them on-market today, that could be weighing on its share price.
Neometals Ltd (ASX: NMT)
The Neometals share price is down almost 17% to 10 cents. This sustainable process technology developer's shares have come under pressure after it received firm commitments from sophisticated, professional, and institutional investors for a $4 million placement. These funds were raised at a discount of 9 cents per new share. Managing Director Chris Reed said: "The capital raising will reinforce commercialisation activities by Neometals' battery recycling plant building joint venture, Primobius, as it delivers its maiden plant for Mercedes-Benz."
WAM Research Limited (ASX: WAX)
The WAM Research share price is down 6% to $1.11. This has been driven by the investment company's shares going ex-dividend this morning for its final dividend of FY 2024. In August, WAM Research declared a partially franked final dividend of 5 cents per share. Eligible shareholders can look forward to receiving this payout later this month on 25 October.
