UBS analysts have succumbed to the ‘Jack Dorsey Effect’, upping their valuation on Afterpay (ASX:APT) from $42 to $140 following the proposed acquisition by Square Inc.

But that switch-up resembles more of a beginner’s cartwheel compared to the backflip performed by management at content subscription website OnlyFans.

Following increased regulatory scrutiny and concerns over exploitation, the company announced plans on August 21 to ban user material containing sexually explicit conduct.

Saucy content is the company’s main channel of business, however. And it’s commitment to that new content pathway lasted all of five days, following a backlash from customers and “independent content creators” on the site.

Overnight, OnlyFans announced on Twitter that it has suspended the new policy change, which was scheduled to go into effect from October 1.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for August 26 [intraday]:

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There were more strong returns for new ASX mining play Kuniko (ASX:KNI), the Vulcan Energy (ASX:VUL) with zero-carbon production ambitions that stormed up the boards when it listed on Tuesday.

Also ticking higher was energy minnow Bass Oil (ASX:BAS), which announced a $1m share placement at 0.2c per share to fund its Cooper Basin portfolio acquisition, and optimise drilling operations at its Tangai 5 well in Indonesia.

Outside of resources, theme park operator Ardent Leisure (ASX:ALG) led the way in reporting season after dropping its full-year results this morning.

Despite the heavy impact of COVID-19, ALG said activity at some of its US operations had returned to pre-COVID levels and its optimistic on more domestic theme park activity as travel opens up.

After falling from $1.60 to 20c at the height of the pandemic, ALG shares were trading at around $1.30 following this morning’s gain.

Another reporting season winner was small cap telco play Swoop Holdings (ASX:SWP), which listed on the ASX via a reverse takeover in May.

The company flagged a 165% increase in pro-forma EBITDA to $4.9m, and said it expects FY22 revenues to be “greater than $40m, and underlying EBITDA to be $10m”.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for August 26 [intraday]:

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Among stocks with news, leading the laggards was tech company Appen (ASX:APX), which remains under pressure and is trading back near $10 after climbing to post-COVID highs above $40.

Shares in APN fell after the release of its half-year results. The company also announced the acquisition of Quadrant, a “global leader in mobile location and Point-of-Interest (POI) data”, the company said.

Commercial terms of the deal are for a US$25 million up-front payment, with potential payment of up to US$20m in Appen shares in revenue targets are achieved over the next two years.