In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. At the time of writing, the benchmark index is up 0.2% to 8,275.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 14% to 32.2 cents. Investors have been hitting the sell button today after the semiconductor company revealed plans to raise more capital through a put option agreement with LDA Capital. Total funding available under the agreement has increased by $37 million to $140 million, of which the company has drawn approximately $68 million in gross proceeds since inception in August 2020. This news appears to indicate that the company is not expecting to be pulling in meaningful revenue any time soon. Particularly given that it recently raised $20 million through a capital raising. Brainchip's CEO, Sean Hehir, said: "With the growing momentum of our 2nd generation Akida products, and our exceptional TENNS solutions which excel in streaming data at the edge, we recognise the need to accelerate investments to drive growth and solidify our market leadership."
Fortescue Ltd (ASX: FMG)
The Fortescue share price is down over 3% to $17.48. This is despite there being no news out of the iron ore miner. But with iron ore prices coming under pressure in recent sessions, it seems that some investors are jumping ship. The S&P/ASX 200 Resources index is down approximately 0.5% at the time of writing and weighing heavily on the performance of the ASX 200 index as a whole.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is down 7% to $2.84. This may have been driven by profit taking from some investors after the biotechnology company's shares rocketed in 2024. For example, even after today's sizeable pullback, the Mesoblast share price is up approximately 900% since this time last year. Investors have been buying its shares amid excitement over its stem cell therapies. One of which has just been approved by US regulators at long last.
St George Mining Ltd (ASX: SGQ)
The St George Mining share price is down 18% to 2.05 cents. This morning, this mineral exploration company announced that it has received firm commitments to raise $20 million. The proceeds will be used to fund the acquisition costs, exploration expenses, and working capital for the Araxa niobium-REE Project in Brazil. St George Mining's executive chairman, John Prineas, said: "We are delighted to be able to announce that funding for the acquisition of the Araxá Project has been arranged, with very strong investor interest for our $20 million raise. We thank our shareholders for their patience as we work towards concluding this transformative acquisition for our Company."
