The S&P/ASX All Ordinaries Index (ASX: XAO) had another month to forget in September, retreating 7.6% against a backdrop of rising interest rates and inflation woes.
But while the market was feeling worse for wear, some ASX All Ords shares suffered even steeper falls. Let's take a look.
MoneyMe Ltd (ASX: MME)
MoneyMe took out the unfortunate title of the All Ords' worst performer in September. Its share price was nearly cut in half, tumbling by 47.8% to 46 cents.
This was triggered by a $20 million capital raising, which was priced at a 28% discount to the last traded MoneyMe share price at the time. The company intends to use this money for growth, supporting debt facilities and transaction costs.
However, the company continues to burn through cash. While its net loss after tax blew out from $8 million in the prior year to $50 million in FY22.
Hastings Technology Metals Ltd (ASX: HAS)
Similarly, ASX All Ords share Hastings Technology also came under pressure in September on the back of a capital raising. Hastings shares suffered a steep 36.6% fall across the month to finish at $3.46.
The company announced a $110 million two-tranche placement at an offer price of $4.40 per share. This represented a 19% discount to the last traded Hastings share price of $5.41.
Subject to shareholder approval, this will result in roughly 25 million new shares being issued, nearly one-quarter of the company's existing share count.
Proceeds from the cap raise will be used to advance the development of Yangibana, a rare earths project located in the Gascoyne region of Western Australia.
PointsBet Holdings Ltd (ASX: PBH)
Fresh off being kicked out of the ASX 200, the PointsBet share price drudged up a 35.9% loss in September. to close out the month at $1.86.
It appears investors weren't impressed with the company's FY22 results. Revenue jumped by 52% to $296 million but operating expenses went through the roof, causing PointsBet's net loss to balloon by 43% to $268 million.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price was also battered and bruised last month after the $2.5 billion takeover with Dye & Durham finally collapsed.
Link shares tumbled 33.5% across the month to finish at $2.86, a long way from the takeover offer price of $4.81.
After several twists and turns over many months, the deal failed to satisfy three conditions necessary for court approval. The most significant relates to the Woodford Matters and associated approval from the United Kingdom Financial Conduct Authority.
Link adjourned the second court hearing multiple times but in the end, time ran out. With the outstanding conditions not satisfied, the court dismissed the proceedings and ultimately, the deal fell through.
New Century Resources Ltd (ASX: NCZ)
Finally, ASX All Ords share New Century's woes continued in September as its shares crumbled by 33.1% to $1.07.
For those unfamiliar, New Century describes itself as a mining, tailings management, and economic rehabilitation company. It's focused on sustainably producing metal from resource assets while rehabilitating legacy impacts on the environment.
Investors didn't appear pleased with New Century's FY22 results. Revenue leapt by 47% to $408 million. But fair value adjustments and higher production costs led to the company's net loss more than doubling to $28 million.