In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.4% to 6,534.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price is down 22% to 24.5 cents. This follows the completion of the energy company's institutional entitlement offer and placement. Cooper Energy raised $183 million at a 22% discount of 24.5 cents per new share. The proceeds will be used to fund the transformational acquisition of the Orbost Gas Processing Plant.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price has crashed a further 16% to 70.7 cents. This lithium developer's shares have been hammered this week amid the sudden exit of its CEO and concerns over future prices of the white metal. In respect to the former, Lake's CEO left without comment and sold all his 10.2 million shares the following day.
Leo Lithium (ASX: LLL)
The Leo Lithium share price has dropped 23% to 54 cents. This morning this lithium developer's shares hit the ASX boards following a demerger from Firefinch. As part of the demerger, the company raised $100 million via an IPO at 70 cents per new share.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 3% to 45 cents. Not even a business update has been able to stop the rot. This latest decline means that Zip now has a market capitalisation of just over $300 million. To put that into context, this is less than the adjusted loss before tax it recorded in FY 2021 of $359.6 million.
