The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Wednesday. At the time of writing, the benchmark index is down a fraction to 8,552.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Betr Entertainment Ltd (ASX: BBT)
The Betr Entertainment share price is down 7% to 27 cents. This follows yet another update on its attempt to acquire Pointsbet Holdings Ltd (ASX: PBH). Unfortunately for Betr, PointsBet shareholders have voted in favour of the competing proposal from MIXI Australia. It stated: "At the Scheme Meeting of Pointsbet Holdings Limited (Company) held today, the resolution to approve the Scheme (as set out in the Notice of Meeting) was carried by the requisite majorities of PointsBet shareholders."
Develop Global Ltd (ASX: DVP)
The Develop Global share price is down 5.5% to $4.53. This morning, this copper and zinc miner announced that it received firm commitments for an institutional placement to raise approximately $180 million at an issue price of $4.50 per new share. The company notes that the placement was strongly supported by existing institutional shareholders and new high quality Australian and international institutional investors. Managing Director Bill Beament said: "There is a global race on to secure offtake of these crucial metals, particularly from tier-one locations, and we are in the box seat to take full advantage of this opportunity. We are very confident that we can extend the mine life at our Woodlawn and Sulphur Springs projects, which will create substantial value for shareholders."
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down almost 3% to $19.25. This follows a pullback in the gold price overnight after safe haven demand dipped. This was driven by news that Israel and Iran have agreed to a ceasefire. It isn't just Northern Star shares that are falling today. A large number of gold miners are falling, which has led to the S&P/ASX All Ords Gold index dropping by 2.1% at the time of writing.
Paragon Care Ltd (ASX: PGC)
The Paragon Care share price is down over 8% to 36.2 cents. This morning, this healthcare wholesaler, distributor, and manufacturer announced the exit of its CEO and managing director, David Collins. The company notes that following recent acquisitions, "it has become apparent it is the right time to have an orderly transition." Paragon Care has already found its new leader. It will be promoting Carmen Riley to the top job, effective 1 July. Carmen Riley has been chief operating officer since the merger with Clifford Hallam Healthcare.
