ASX Small Cap Lunch Wrap: Who’s driving toward disaster today?

Hydrogen-electric truck ‘start-up’ Nikola is starting to look like ‘WeWork 2.0’ as chairman Trevor Milton steps down amidst fraud allegations and a collapsing share price.

Last year, ongoing criticism about WeWork’s huge financial losses and strange corporate structure saw the firm abandon its listing aspirations.

Enigmatic cofounder Adam Neumann also stepped down as chief exec, taking a $US1.2bn payout with him out the door.

Nikola managed to backdoor-list on the NASDAQ in June as one of Wall Street’s hottest stocks.

Even after cratering 70 per cent from its peak the stock is still worth about $US10.5 billion.

And it still hasn’t produced a single truck that works.

In 2016, a prototype ‘Nikola One’ truck was filmed rolling down a hill to make it seem like it was fully functional. It wasn’t.

WINNERS

Here are the best performing ASX small cap stocks at 12pm Tuesday, September 22:

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CODE	NAME	% CHANGE	PRICE	MARKET CAP
PCL	Pancontinental Oil	50	0.002	$ 5,406,715.49
VPR	Volt Power Group	50	0.003	$ 18,339,067.12
BIQ	Buildingiq	33	0.012	$ 3,363,056.54
ICE	Icetana	30	0.183	$ 14,377,037.50
ANL	Amani Gold	25	0.003	$ 15,676,393.49
MRZ	Mont Royal Resources	22	0.310	$ 8,421,229.65
WMX	Wiluna Mining	21	2.290	$ 190,893,129.20
FGO	Flamingo Ai	20	0.003	$ 2,800,319.26
TMK	Tamaska Oil Gas	17	0.007	$ 5,340,000.00
CHN	Chalice Gold Mines	16	2.030	$ 538,132,822.50
SXA	Strata-X Energy	15	0.069	$ 5,592,643.86
ICI	Icandy Interactive	15	0.062	$ 23,232,174.19
EPM	Eclipse Metals	14	0.008	$ 9,902,364.72
AL8	Alderan Resources	14	0.125	$ 28,799,500.51
PPY	Papyrus Australia	13	0.017	$ 4,535,159.99
RHY	Rhythm Biosciences	13	0.180	$ 32,239,329.76
ERD	Eroad Limited	11	3.970	$ 245,202,815.80
AUH	Austchina Holdings	10	0.055	$ 8,170,621.81
LRS	Latin Resources	10	0.022	$ 18,110,127.70
PNX	PNX Metals	10	0.011	$ 25,426,214.76
ANP	Antisense Therapeutics	10	0.110	$ 48,898,817.10

Mont Royal Resources (ASX:MRZ) will earn up to 70 per cent of the Wapatik gold-copper project in Canada from TSX-listed Azimut Exploration, which hit 3.15 g/t gold over 102m at the nearby ‘Patwon’ discovery in January.

Chalice Gold Mines (ASX:CHN), Alderan Resources (ASX:AL8), and gold producer Wiluna Mining (ASX:WMX) all gained on exploration results.

And shares in iCandy Interactive (ASX:ICI) jumped after the company announced strong trial results on Google Play for its new Masketeers game.

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Tuesday September 22:

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CODE	NAME	% CHANGE	PRICE	MARKET CAP
CAQ	CAQ Holdings	-24	0.025	$ 23,686,947.27
SAN	Sagalio Energy	-23	0.024	$ 6,344,464.03
COY	Coppermoly	-20	0.02	$ 53,180,349.73
DTR	Dateline Resources	-17	0.0025	$ 24,630,234.23
IMS	Impelus	-17	0.005	$ 4,820,076.52
MLS	Metals Australia	-17	0.0025	$ 10,945,058.33
ROG	Red Sky Energy	-17	0.0025	$ 6,108,549.83
NXE	New Energy Minerals	-15	0.017	$ 3,689,432.42
WML	Woomera Mining	-14	0.025	$ 9,863,691.00
MRQ	MRG Metals	-13	0.007	$ 10,799,613.11
VIC	Victory Mines	-13	0.0035	$ 17,125,285.96
AUL	Austar Gold	-12	0.39	$ 19,132,221.42
TSC	Twenty Seven Co.	-12	0.0075	$ 13,483,727.46
PM8	Pensana Rare Earths	-11	1.01	$ 159,741,692.88
PKO	Peako Limited	-11	0.039	$ 6,944,927.84
SFM	Santa Fe Minerals	-11	0.08	$ 6,553,691.01
GTG	Genetic Technologies	-11	0.008	$ 74,355,540.69
LNY	Laneway Resources	-11	0.008	$ 33,975,593.40
RMX	Red Mountain Mining	-11	0.008	$ 9,117,330.98
TKM	Trek Metals	-11	0.065	$ 15,331,486.13