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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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:

Swipe or scroll to reveal the full table. Click headings to sort.