The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Thursday. At the time of writing, the benchmark index is down 0.2% to 8,544.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Bannerman Energy Ltd (ASX: BMN)
The Bannerman Energy share price is down 9% to $3.20. This has been driven by news that the uranium developer has completed an $85 million placement. According to the release, Bannerman Energy has received firm commitments for a placement of approximately 26.6 million shares to new and existing institutional and sophisticated investors at $3.20 per new share. This represents a 9% discount to its last close price. Management notes that the proceeds will support construction activities, infrastructure costs, and general working capital as it advances its flagship Etango Project towards a positive final investment decision.
Life360 Inc (ASX: 360)
The Life360 share price is down 2.5% to $30.62. This is despite there being no news out of the location technology company on Thursday. Though, it is worth highlighting that most ASX tech shares are trading lower today. This has led to the S&P/ASX All Technology Index tumbling 1.2% this afternoon.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is down almost 3.5% to 14.5 cents. This morning, this energy company announced the results of its strategic review. It revealed that it will refocus its asset portfolio to align to Western Australia's energy transition demands, exit non-core assets, and retain flexibility across gas processing and gas-fired power development pathways to maximise value. Strike Energy's chair, John Poynton, adds: "The Board's strategic review, conducted with independent support, has rigorously assessed Strike's portfolio and charted a clear path to unlock the full potential of our unique asset base."
Xero Ltd (ASX: XRO)
The Xero share price is down almost 5% to $184.98. This has been driven by the completion of the cloud accounting platform provider's institutional placement this morning. Xero has raised $1.85 billion through the placement of approximately 10.5 million shares to sophisticated and institutional investors at $176 per new share. This was a 9.4% discount to its last close price. The proceeds will be used to partly fund Xero's acquisition of Melio. It is a fast-growing payments platform that is designed to help small businesses pay bills and manage accounts payable in the United States.
