The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Thursday. In afternoon trade, the benchmark index is down 1.1% to 7,873.7 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

Arafura Rare Earths Ltd (ASX: ARU)

The Arafura Rare Earths share price is down 10.5% to 17 cents. This morning, the rare earths developer announced that it has received firm commitments for a fully underwritten institutional placement. Arafura is raising $20 million through a two-tranche institutional placement at an issue price of $0.16 per share. This represents a 15.8% discount to where the Arafura share price last traded. The proceeds will support the advancement of the company's funding initiatives and be utilised for activities necessary to support critical path activities and compliance. In addition, they will be used to progress improvement ideas that reduce capital, schedule, and risk.

Block Inc (ASX: SQ2)

The Block Inc share price is down 6.5% to $94.07. This is despite there being no news out of the payments company today. However, it is worth highlighting that its NYSE shares were sold off on Wall Street overnight as part of a broader tech selloff. This was driven by the release of disappointing updates from a number of tech giants.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down over 6% to 3 cents. Investors have been selling this lithium miner's shares today after it released its latest quarterly update. Once again, Sayona Mining revealed that it is selling its lithium for significantly less than it is receiving for it from buyers. It achieved record production of 49,660 tonnes of spodumene concentrate with NAL unit operating costs of A$1,506 (US$995) per dry metric tonne (dmt). Total concentrate sold during the quarter was 27,729 dry metric tonnes with an average realised selling price (FOB) down 11% quarter on quarter to A$885 (US$604) per dmt.

Syrah Resources Ltd (ASX: SYR)

The Syrah Resources share price is down almost 13% to 26.2 cents. This morning, this strugglng graphite producer released its quarterly update and revealed further cash burn. Syrah Resources reported production of 24,000 tonnes and total sales of 10,000 tonnes at a US$735 per tonne (CIF) weighted average sales price. Syrah ended the period with a cash balance of US$82 million, which is down from US$99 million at the end of March.