In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 0.75% to 8,205.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling:
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 20% to 20.5 cents. Investors have been rushing to the exits in a panic after the struggling semiconductor company announced that it was looking at delisting from the ASX and relisting in the United States. It seems that after years of empty promises, cash burn, constant capital raisings, and destroying shareholder wealth, the company is seeking greener pastures. In other news, Brainchip has announced another capital call notice. This will see LDA Capital sell up to 40 million Brainchip shares to raise funds for the company.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 6% to $4.21. This follows the release of a disappointing half year result from the drinks giant. The Dan Murphy's owner reported a 0.7% decline in sales to $6.6 billion and a 15.1% reduction in net profit after tax to $298 million. This forced the Endeavour board to cut its interim dividend by 12.6% to 12.5 cents per share. Management advised that this reflects subdued consumer spending in the first quarter and an estimated $40 million to $50 million in lost sales due to the Victorian supply chain disruption.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down 21% to 10.2 cents. Investors have been selling this embattled casino and resorts operator's shares following an update on its half year results. Management advised that it is exploring possible liquidity solutions to save it from going under and doesn't expect to release its results until this process is finalised. As a result, it warned that its shares would be suspended from trade on Monday if its results are not released later today. It is possible that some investors fear that today could be the final day ever that Star shares trade on the ASX boards and are cutting their losses while they can.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is down 7% to $28.22. This has been driven by news that the radiopharmaceutical company's CEO has sold a large number of shares. CEO Dr. Christian Behrenbruch has sold 2 million shares at $29.50 via block trade. This represents a modest discount of 2.9% to its last close price.
