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In the afternoon discussions, the S&P/ASX 200 Index (ASX:XJO) is on track for a decent gain. As of this writing, the benchmark is up 0.4% to 6,534.1 points.
Four ASX stocks that failed to keep up with the market higher today are listed below. Here’s why they sink:
Cooper Energy stock price is down 22% to 24.5 cents. This follows the completion of the energy company’s institutional rights offering and placement. Cooper Energy raised $183 million at a 22% discount of 24.5 cents per new share. The proceeds will be used to finance the transformational acquisition of the Orbost gas processing plant.
Lake Resources’ share price fell another 16% to 70.7 cents. Shares of this lithium developer have been hammered this week amid the sudden exit of its CEO and worries about future prices for the white metal. Regarding the former, Lake’s CEO left without comment and sold all of his 10.2 million shares the next day.
Leo Lithium’s stock price fell 23% to 54 cents. This morning, shares of this lithium developer hit the ASX charts following a split from Firefinch. As part of the spin-off, the company raised $100 million via an IPO at 70 cents per new share.
Zip’s stock price is down 3% to 45 cents. Not even a commercial update was able to stop the rot. This latest drop means that Zip now has a market capitalization of just over $300 million. To put that into context, that’s less than the adjusted pre-tax loss it posted in fiscal 2021 of $359.6 million.