Remember GameStop? It’s back:

The stock more than doubled overnight and got put in a trading halt twice, before adding another ~80pc in after hours trade.

No bleeding hedge funds in the throes of an epic reddit short squeeze to report just yet, although r/wallstreetbets was down for a while (possibly due to a surge in traffic).

This time there was some material company news flow, as the CFO announced he would step down amid what looks like a board stoush.

GME’s recent gains follow an appearance last week by Roaring Kitty (aka investor Keith Gill) in front of the US House Financial Services Committee.

Also known as DeepF**kingValue on reddit, Gill’s bullish hold on GME shares helped spark the first massive surge which rattled markets and prompted a Congressional hearing.

Along with US lawyer Rod Ponton, who is comfortably leading the race for meme of the year so far, Gill confirmed to lawmakers that he too is not a cat.

He also said GME looked attractive at its current value (around $US45 at the time), and has recently doubled down on the stock.

Over on the ASX, it’s been a good morning so far as markets followed a strong overnight lead from US stocks to reverse yesterday’s falls.
 

WINNERS

Here are the best performing ASX small cap stocks at 12pm Wednesday February 25:

Swipe or scroll to reveal the full table. Click headings to sort. Stocks highlighted in yellow made market moving announcements.

Payments platform Peppermint Innovation (ASX:PIL) rejoined the ASX boards for the first time since 2019 and ripped higher by almost 200 per cent.

The company was suspended from the ASX following an incomplete audit report, but in the meantime has built out a multi-channel payments platform in its core market of the Philippines.

Last November, PIL raised $500,000 from investors in a placement priced at 1c per share — a material discount to its trading price upon re-listing which had climbed above 3c heading into midday trade.

Elsewhere, audio equipment distributor Ambertech (ASX:AMO) was among the leaders as investors reacted positively to its half-year results.

The company booked a $3.2 million pre-tax profit and opted to pay a 1.5 cent per share dividend.

And recent ASX debutant Nexion (ASX:NNG) also jumped sharply after announcing a five-year “multi-million dollar” deal with IBM to deploy a hybrid cloud solution.

It marks the second deal NNG has signed with IBM in the past 12 months as the company pursues a global partnership strategy.
 

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Wednesday February 25:

Swipe or scroll to reveal the full table. Click headings to sort. Stocks highlighted in yellow made market moving announcements.