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