In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 8,602.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Betmakers Technology Group Ltd (ASX: BET)
The Betmakers share price is down 9% to 10.5 cents. This morning, the betting technology company announced the completion of a placement to sophisticated and institutional investors that raised $11.5 million. These funds were raised at a discount of 10 cents per share. The company advised: "Funds received from the Placement will be used to: Repay all outstanding debt; Fund content and access agreements, including payments in relation to New Jersey Fixed Odds; Fund the potential strategic acquisition of Las Vegas Dissemination Company, the only provider of pari-mutuel wagering services in Nevada; and Improve financial flexibility and working capital."
Cettire Ltd (ASX: CTT)
The Cettire share price is down 31% to 32 cents. Investors have been hitting the sell button today after the online luxury products retailer released a dismal trading update. Cettire revealed that its adjusted EBITDA is $0.5 million financial year to date. As a comparison, the company reported positive EBITDA of $12.1 million for the first half. And given that its EBITDA was negative $4.7 million during the third quarter, this suggests that Cettire has recorded a disappointing $6.9 million EBITDA loss for the first two months of the fourth quarter. Combined with its falling cash balance, investors appear concerned that Cettire could go the same way as rival Farfetch, which ended up in administration.
Johns Lyng Group Ltd (ASX: JLG)
The Johns Lyng share price is down 1.5% to $2.94. This appears to have been driven by profit taking following a strong gain on Wednesday. Investors were buying the building and restoration services company's shares after it received a non-binding takeover offer from Pacific Equity Partners (PEP). It has offered to acquire 100% of the issued shares of the company by way of a scheme of arrangement for an unspecified price. The company has granted due diligence to PEP.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is down 5% to $3.93. This appears to have driven by weakness in the lithium industry today. In addition, this morning, the lithium developer announced that its $196 million conditional debt commitment letter signed by the commercial bank group in December 2024 has been extended until September 2025. Vulcan's CFO, Felicity Gooding, commented: "The extension of the debt commitment letter will allow us to potentially include significant government funding in the financing package."
