The S&P/ASX 200 Index (ASX: XJO) is out of form and trading lower on Wednesday. In afternoon trade, the benchmark index is down 0.3% to 8,914.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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AUB Group Ltd (ASX: AUB)
The AUB Group share price is down 6% to $30.01. This morning, this insurance broker network company announced the successful completion of a share placement. AUB raised $400 million at a discount of $29.40 per new share. The company advised that the placement saw significant demand and support from both existing and new shareholders. AUB's CEO, Mike Emmett, said: "We are pleased with the outcome and thank our shareholders for their strong support for the Placement and the transaction. We are excited for Prestige to join the AUB Group and look forward to accelerating our UK Retail strategy to deliver value for shareholders."
Aurelia Metals Ltd (ASX: AMI)
The Aurelia Metals share price is down 3% to 34 cents. This morning, this gold miner announced that its CEO, Bryan Quinn, will be stepping down to pursue other career opportunities. Mr Quinn plans to remain with the company until the end of July. This is to ensure a smooth leadership transition and maintain the momentum across key operational and growth initiatives. Quinn commented: "I have greatly enjoyed my time working with the Aurelia team. It has been a privilege to lead the company as we improved market value, strengthened our strategic position, and built a strong leadership team with a performance-driven culture."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 3.5% to $4.04. Investors have been selling this counter-drone technology company's shares since the release of its update this week. While it was a strong update, investors appear concerned by a reduction in its sales pipeline. Bell Potter wasn't concerned and has retained its buy rating and $5.00 price target on its shares. It said: "We believe DRO should see material contracts flowing from its $2.1b potential sales pipeline over the next 3-6 months as defence budgets roll over to FY26e."
Elevra Lithium Ltd (ASX: ELV)
The Elevra Lithium share price is down 14% to $7.89. This morning, this lithium miner released its quarterly update, which appears to have fallen short of expectations. Elevra reported a disappointing 15% quarter on quarter decline in spodumene concentrate production to 44,154 dmt. The company also revealed that its received US$998 per tonne for its lithium, whereas its unit operating costs were US$812 per tonne.
