Back then, the company announced a trading halt so that it could "complete its refinancing", which was first announced to investors last year.

And that's all we've heard from BWX over the past fortnight or so. Well, until yesterday.

BWX shares enter voluntary administration

It appears that the company's refinancing efforts did not turn out as planned. Yesterday, BWX put out another ASX statement. This confirmed that the company has entered voluntary administration. Here's some of what the statement had to say:

A range of issues have continued to impact the Australian operations of BWX, including customer destocking and inventory and working capital issues necessitating the Director's decision to appoint Administrators.

The Directors believe entering Voluntary Administration will help progress the restructuring process already underway with new management at BWX and give the company the best chance of future profitability. The Directors will work with the Administrators to ensure a positive outcome in the Administration, with employees and customers remaining a top priority.

BWX was at pains to state that the company's operations outside Australia, as well as its recently-acquired Go-To business, are not included in the administration proceedings. However, it was also confirmed that the company's directors are attempting to find a buyer for BWX's 50.1% stake in Go-To.

So it's unclear where BWX and its shares are headed to from here. If the company is able to secure refinancing, it could well find itself back on the ASX. But that might not happen for a while. We'll just have to wait and see what the company says and does next.

BWX shares last traded at a share price of 20 cents each. That's down more than 90% from where BWX was a year ago. At that share price, BWX had a market capitalisation of $39 million.

The post Beaten up BWX shares remain halted amid voluntary administration appeared first on The Motley Fool Australia.

At the time of writing, the embattled personal care products company's shares are down over 10% to 21.5 cents.

Why is the BWX share price sinking?

Investors have been hitting the sell button on Tuesday following the release of a trading update from the Sukin skincare owner.

According to the release, the company has downgraded its FY 2023 guidance a little over a month after last downgrading it. This follows a lower than expected performance in both December and January.

BWX now expects:

• FY 2023 revenue of $170 million to $190 million (from $205 million to $230 million)
• FY 2023 EBITDA of $10 million to $15 million (from $25 million to $30 million)

What caused the underperformance?

Management blamed a number of factors on its underperformance during December and January.

One is the cash constrained environment which has impacted its ability to trade effectively and led to a temporary increase in out of stocks and a need to reduce promotions to conserve cash and protect stock levels.

In addition, the company's online businesses are struggling with higher customer acquisition costs, reduced web traffic, and product availability.

Over in the United States, the company has noted a more cautious consumer, particularly in the natural channel and online. Unfortunately, management expects this to continue.

Finally, the company's previous channel stuffing activities have come back to haunt it. It notes that this strategy continues to have an impact on profitability as it runs down customer held inventory.

One positive, though, is that it has received a waiver from its lender for its debt covenants through to the end of February. At present, BWX would be breaching these covenants if they have not been waived.

Management is in the process of securing a longer-term restructuring of its finance facilities to seek further funding in the second half.

The post BWX share price tumbles 10% on revenue and earnings guidance downgrade appeared first on The Motley Fool Australia.

US markets have been even stronger, especially the tech-heavy Nasdaq Composite (NASDAQ: .IXIC), up close to 10% to start 2023.

But the good times could be about to come to a screaming halt, with Morgan Stanley's Michael Wilson warning "the stock market's January rally could end this week".

Wilson says the January rally is "just another bear-market trap" as central banks in the US and here in Australia prepare to hike interest rates yet further as they attempt to tame inflation. 

2) It appears the ASX 200 index didn't get the Morgan Stanley memo, up a solid 0.46% to 7,516 in late morning trade on Tuesday. 

So much for the oncoming economic slowdown here in Australia — the ASX 200 is up almost 8% over the past 12 months. 

Perhaps it's like the Aussie consumer – we know there are some tough times ahead, especially for those with mortgages but also for renters – but damn it if we're not going to have some fun before reality bites.

The Woolworths Group Ltd (ASX: WOW) share price is up 2.6% to $35.66 on Tuesday, whereupon it trades on 26 times earnings and on a 2.6% fully franked dividend yield. I get the defensive nature of its earnings, but I'd rather take 4% in a savings account than risk my money on Woolworths shares at today's price. 

3) Stock winner of the day

Not many big winners to choose from today despite quarterly updates coming out faster than a Novak Djokovic serve.

The Moneyme Ltd (ASX: MME) share price is up 16% to 32.5 cents after the consumer money lender said it delivered record revenue and a statutory profit in Q2, "beating analyst expectations".

It's a welcome turnaround in the fortunes of the Moneyme share price, given it has fallen 83% in the past 12 months. Consumer lending faces some serious headwinds as the economy weakens, both from lower new loan originations and from higher defaults. As to whether that is already priced into Moneyme shares is anyone's guess, while acknowledging the company is managing to the current macro environment and is committed to driving profitable growth.

4) Stock loser(s) of the day

Unlike the winner's circle, we have plenty of losers to choose from for today's stock flops.

A trading update from former high-flyer BWX Ltd (ASX: BWX) was a shocker, with the owner of Sukin and other beauty and wellness products lowering revenue and profit guidance.

"We are revising our forecast on the basis of our cash-constrained environment having impacted our ability to trade effectively and led to a temporary increase in out of stocks and a need to reduce promotions to conserve cash and protect stock levels."

The BWX share price has fallen 93.5% in the past 12 months. Steer well clear of this fallen knife. 

I've long been mystified by the huge market capitalisation placed on Megaport Ltd (ASX: MP1) given its relatively modest size.

The "global leading provider of Elastic Interconnection services" said total revenue for the Q2 was $37 million, up 10% quarter on quarter, and delivered earnings before interest, tax, depreciation, and amortisation (EBITDA) profit for the quarter. Although revenue is sticky due to low customer churn, Megaport did note the "current economic uncertainty seems to be delaying customer decision making, lengthening sales cycles".

The Megaport share price is down 16% to $6.45 in Tuesday trading, and off 52% over the past 12 months. With a market capitalisation of $1 billion, even after today's fall, investors are being asked to pay a pretty price for a pretty modestly sized company. 

The Pointerra Ltd (ASX:3 DP) share price is on the nose today, down 17% to 19 cents, after the company that "helps customers answer almost any physical asset management question" said program delays by some US customers impacted invoicing in Q2.

The Pointerra share price went parabolic in early 2021, soaring at one stage over 30 times in value as investor enthusiasm went nuts. It's been mostly downhill since February 2021, with the Pointerra share price plunging 77% from those epic highs. 

The rubber now needs to hit the road for Pointerra, with investors no longer valuing the company on hope. With a cash balance of just $2.75 million and the most recent quarter showing operating outflow of almost $1 million, investors better hope the "expected rebound in Q3 and Q4" becomes a reality.

The post ASX 200 jumps higher again, defying predictions the 2023 stock market rally could be about to come to a screaming halt appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

BWX Ltd (ASX: BWX)

The BWX share price is down heavily for a fourth day in a row and nursing an 8% decline to a new record low of 17 cents. Investors have been selling the Sukin skincare manufacturer's shares this week following the release of shocking business update. BWX now has a mountain of debt almost triple its market capitalisation and is on track to breach its debt covenants. A recapitalisation may be needed to save the company from going under at this rate.

Earlypay Ltd (ASX: EPY)

The Earlypay share price is down a whopping 39% to 19.5 cents. Investors have been selling this lender's shares after the release of an update on its exposure to RevRoof. The roofing business has fallen into administration and owes Earlypay approximately $29 million. Management advised that uncertainty has arisen around how much will be recovered by Earlypay from Revroof. As a result, it has withdrawn its guidance for FY 2023.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is down 3% to $2.93. This follows a pullback in the gold price overnight amid interest rate hike concerns. It isn't just Evolution that is dropping today. The S&P/ASX All Ordinaries Gold index is down 2.2% this afternoon.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price is down a sizeable 11.5% to $1.24. This is despite there being no news out of the sports betting company today. And while there is plenty of selling going on in the tech sector after a poor night on the NASDAQ index, PointsBet is being punished far more than most. Interestingly, the company's market capitalisation is now lower than its cash balance at the end of the last quarter.

The post Why BWX, Earlypay, Evolution, and Pointsbet shares are dropping today appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down a massive 18% to $1.92. Investors have been selling this copper miner's shares following the release of disappointing guidance for 2023. 29Metals revealed that copper production is expected to be flat year-on-year. The miner also advised that its gold and silver production is likely to fall between 10% to 15% compared to 2022. In response, Macquarie has downgraded its shares to an underperform rating from outperform.

BWX Ltd (ASX: BWX)

The BWX share price is down a further 10% to another new record low of 19 cents. The Sukin skincare manufacturer's shares have been hammered this week after returning from a suspension of almost four months. Its return followed the release of shocking business update. BWX now has a mountain of debt more than double its market capitalisation and is on track to breach its debt covenants.

Readytech Holdings Ltd (ASX: RDY)

The Readytech share price is down 11% to $3.49. This morning, the enterprise software company revealed that Pacific Equity Partners has withdrawn its original $4.50 per share takeover proposal. The company advised that the investment firm is now working on an alternative proposal that could still deliver a $4.50 per share consideration.

Synlait Milk Ltd (ASX: SM1)

The Synlait Milk share price is 3.5% to $3.28. Investors have been selling this dairy processor's shares following the release of a profit update. Synlait has warned that its first half profit will be down over the prior corresponding period. This has been driven by delays to shipments, reduced lactoferrin volumes, and increased costs.

The post Why 29Metals, BWX, Readytech, and Synlait shares are dropping appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

BWX Ltd (ASX: BWX)

The BWX share price is down a further 12% to a new low of 26 cents. Investors have been abandoning the Sukin skincare manufacturer after the release of a shocking business update. BWX has admitted to channel stuffing activities and revealed a growing mountain of debt. As things stand, BWX is going to breach its debt covenants in January if they are not waived. And don't be surprised if class action lawyers are circling the company.

Novonix Ltd (ASX: NVX)

The Novonix share price is down over 6% to a 52-week low of $1.59. This morning, the battery materials technology company appeared to downgrade and delay its production guidance. As of late October, Novonix was on track for synthetic graphite anode materials production of 10,000 tonnes per annum (tpa) in 2023. It now expects to begin production at a rate of approximately 3,000 tpa in 2024, before ramping up to approximately 12,000 tpa in 2028.

Symbio Holdings Ltd (ASX: SYM)

The Symbio share price has crashed 34% to $1.68. Investors have been selling this voice communications software provider's shares after it downgraded its FY 2023 earnings guidance. Symbio now expects FY 2023 EBITDA to be between $26 million and $30 million, which represents a 25% downgrade based on the mid-point of its guidance ranges. Management advised that the company's Communications Platform-as-a-Service (CPaaS) division has been impacted by returns and slow sales progress.

TPG Telecom Ltd (ASX: TPG)

The TPG share price is down 3.5% to $4.61. This has been driven by news that the ACCC has blocked its proposed regional mobile network arrangements with Telstra Group Ltd (ASX: TLS). The competition watchdog believes the "arrangements will likely lead to less competition in the longer term and leave Australian mobile users worse off over time, in terms of price and regional coverage." Telstra has since announced plans to appeal the decision.

The post Why BWX, Novonix, Symbio, and TPG shares are dropping today appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

BWX Ltd (ASX: BWX)

The BWX share price is down a massive 48% to 33 cents. Investors have been hitting the sell button in response to a shocking business update. That update reveals that the Sukin skincare manufacturer missed its guidance in FY 2022, admitted to channel stuffing activities, downgraded its FY 2023 guidance, and revealed a growing mountain of debt.

City Chic Collective Ltd (ASX: CCX)

The City Chic share price is down 22% to 46 cents. The catalyst for this was another terrible update from the plus sized fashion retailer. City Chic revealed that trading conditions remain tough and it now expects to post a first half loss. This tough sales environment doesn't bode well for the company given its huge inventory position. Management expects to finish the half with inventory of $168 million to $174 million. This is 50% more than its current market capitalisation.

Domain Holdings Australia Ltd (ASX: DHG)

The Domain share price is down over 7% to $2.64. This has been driven by the release of a trading update from the property listings company this morning. That update reveals that December month to date listings are down around 51% in Sydney and 37% in Melbourne. As a result of the challenging market environment, first half EBITDA is expected to be around $48 million.

Johns Lyng Group Ltd (ASX: JLG)

The Johns Lyng share price is down 11% to $6.05. This morning, the company revealed that its executive director and COO, Lindsay Barber, has sold 4 million shares. The share sale represents almost a third of Mr Barber's prior holding.

The post Why BWX, City Chic, Domain, and John Lyng shares are sinking today appeared first on The Motley Fool Australia.

Unfortunately, it hasn't been a happy one for the embattled personal care products company's shares.

In morning trade, the BWX share price is down a massive 48% to a record low of 32.5 cents.

Why is the BWX share price crashing?

Investors have been hitting the sell button today in response to the company's disastrous business update.

That update revealed that BWX recorded a statutory loss of $335.6 million in FY 2022, fell short of guidance for the year, and downgraded its FY 2023 guidance. The latter is particularly disappointing given that it raised funds on the back of this guidance at the end of June.

But perhaps worst of all was the company admitting that it had been using a deceptive sales practice known as channel stuffing. This involves unnecessarily selling large volumes of products to distributors just before the end of the financial year to inflate sales and earnings figures for the period.

And while the company has overhauled in management team and board room in response to this debacle, that hasn't stopped the BWX share price from being sold off.

A mountain of debt

Investors may also have concerns over the company's balance sheet. Management expects its net debt to peak at $95 million, which is now more than its market capitalisation following today's decline.

In addition, it still has a put option liability of at least $59 million (but potentially as much as $89 million) relating to its acquisition of Zoe Foster Blake's s Go-To Skincare business.

This doesn't bode well for its debt covenants. In fact, the company expects to breach them at the end of January if they are not waived.

In its accounts, the company commented:

The Group had waivers in place in respect of certain of its required banking covenants which would otherwise have been breached as at 30 June 2022. Additional waivers were provided subsequent to that date, the latest of which expires on 31 January 2023 and the Group's forecasts indicate that subsequent breaches are likely and therefore a further waiver or renegotiation of banking covenants will be required.

All in all, these are tough times for the BWX share price and its shareholders.

The post Why is the BWX share price crashing 48% on Tuesday? appeared first on The Motley Fool Australia.

This follows the release of the embattled personal care products company's long-awaited results for FY 2022.

In case you're not aware, BWX shares were suspended in August after the company requested additional time to prepare its results due to certain revenue recognition issues and the likely impairment of its intangible assets to a level significantly below their carrying value.

BWX shares on watch following long-awaited update

The BWX share price will be on watch following the release of its results for the 12 months ended 30 June. Here's a summary of how it performed against restated figures from a year earlier:

• Underlying revenue up 11.5% to $204.5 million
• Underlying EBITDA down from $24.9 million to negative $0.2 million
• Statutory loss of $335.6 million, down from a profit of $17.5 million

All metrics are short of the guidance it provided at the end of June to support its capital raising.

What were the drivers of this result?

Management advised that the decline in EBITDA was predominantly driven by the end of investment buys in June, as well as a 34% increase operating expenses to $112.2 million.

Investment buys is an incredibly vague term that BWX uses in place of "channel stuffing." This is a deceptive practice that involves selling large volumes of products to distributors just before the end of the financial year to inflate sales and earnings figures for the period.

On the bottom line, the company behind the Sukin skincare range reported a statutory loss of $335.6 million, which is almost three times as large as its market capitalisation. This was driven largely by a $322.6 million non-cash impairment related to a reduction in the carrying value of intangible assets.

For the 12 months, the company recorded an operating cash outflow of $22.2 million. This left BWX with net debt of $64.3 million.

The company is also sitting on $65.3 million of inventory following a $19.1 million increase in FY 2022. This reflects the end of channel stuffing activities and the flow-on effect of retail partners unwinding their own inventory levels.

Management commentary

BWX's CEO and managing director, Rory Gration, apologised for the disastrous turn of events. He said:

I apologise to all shareholders for the delay in releasing our Financial Year 2022 accounts and thank them for their patience as the Board and leadership team, with the assistance of our strategic advisors, continue to implement a comprehensive financial and operational re-set. FY22 was a disappointing year for financial performance.

As a business we are facing into the challenges, by stopping historical unsustainable sale practices, recalibrating our cost base, and committing BWX to return to a stronger, more focused and disciplined organisation with a consistent revenue and earnings profile.

Business update

BWX has announced a number of changes in the board room. This includes Ian Campbell stepping down as chairman with immediate effect. However, despite overseeing this disastrous period for the company, he will stay on as an independent non-executive director.

Replacing Campbell as chair will be Steven Fisher, who currently serves as the chair of Reject Shop Ltd (ASX: TRS) and Laybuy Holdings Ltd (ASX: LBY).

Guidance downgrade

Finally, although BWX is experiencing good "in-market demand" in Australia and the United States and expects a stronger second half, it has downgraded its full year guidance.

Management now expects revenue in the range of $205 million to $230 million and EBITDA in a range of $25 million to $30 million excluding one-offs.

This compares to the $260 million to $270 million and $45 million to $49 million guidance that it provided in June to support its capital raising. Ouch to anyone taking part in that raise!

BWX also revealed that it expects net debt to peak at $95 million as it completes its debt restructuring program.

The post BWX share price on watch amid $335m loss and guidance downgrade appeared first on The Motley Fool Australia.

The company seemingly dashed hopes it will end its near-three-month trading halt tomorrow, despite flagging its return only last week.

The BWX share price has been frozen at 63 cents since late August as the company works to correct issues with its yet-to-be-released financial year 2022 (FY22) earnings report.

So, what's the latest news from the natural skin and hair care company? Let's take a look.

Hopes BWX shares might trade tomorrow dashed

It might be a sad day for fans of BWX shares. It appears the company is no longer expecting to exit the freezer this week, as previously forecast.

As it entered its current trading halt in August, BWX said it will likely return to trade on the release of its audited FY22 earnings. More recently, it said the results were expected to drop today and its ASX suspension would likely lift tomorrow.

But today only brought disappointment for those hoping to trade BWX shares.

Instead of flicking through the company's long-awaited accounts, the market heard the BWX board won't release the report until it gets closer to procuring additional debt funding.

Though, it did note key parts of the audit of its FY22 financial statements have been finalised, including revenue recognition issues for FY21 and the first half of FY22, as well as the impairment of intangible assets.

The company said it has engaged strategic advisors to help procure extra debt funding. The funding will allow it to push ahead with its restructuring plans, address its inventory rundown, and continue selling its non-core assets. Today's release stated:

While this process is well advanced, it will take time to evaluate the offers received. Until that process is further advanced and certainty of funding is secured, the board is unable to finalise the FY22 audited financial statements. The company confirms that its principal bank lender remains supportive.

Additionally, BWX revealed its chief financial officer Efee Peell has resigned, effective today. Peell is stepping down for health reasons following an extended period of leave.

The company has begun a search for her replacement. Until one is found, Birol Akdogan has stepped up to the role.

Perhaps disappointingly, there was no word of when the market might now expect the stock to return to trade. No doubt all eyes will remain on BWX shares until another update is released.

The post What on earth is going on with BWX shares? appeared first on The Motley Fool Australia.

The S&P/ASX 200 Index (ASX: XJO) has lifted 1.34% so far this week. Meanwhile, the All Ordinaries Index (ASX: XAO) is up 1.2% week-on-week right now. Both indices are currently trading at near-six-month highs.

So, which stocks have been helping to bolster the market? Keep reading to find out.

5 ASX shares making big news this week

Qantas posts shock guidance

Is it a bird? Is it a plane? No, it's a flying kangaroo. The Qantas Airways Limited (ASX: QAN) share price soared 5% on Wednesday after the company surprised the market with a guidance upgrade just months after tipping its first post-COVID profit.

The ASX airline share now expects to reveal between $1.35 billion and $1.45 billion of underlying profit before tax for the first half of financial year 2023. That's $150 million higher than its previous projection.

Kogan eyes historic recovery

Continuing this week's good news, Kogan.com Ltd (ASX: KGN) shares launched 8% yesterday after the company's CEO tipped it to post "historical operating margins during the second half."

That probably had long-term investors jumping for joy. The online retailer's stock has dumped a whopping 85% since its 2020 high.

BWX flags return to trade after 3-month freeze

Recent times haven't been so kind to skin and hair care company BWX Ltd (ASX: BWX), however. Its share price hasn't gone anywhere since August amid confusion over its recent earnings.

But BWX this week flagged its audited earnings will likely drop on Monday, with its share price expected to thaw on Tuesday.

BrainChip surges amid Amazon appointment

Meanwhile, the share price of ASX 200 artificial intelligence company BrainChip Holdings Ltd (ASX: BRN) has rocketed 16% this week.

Its gains came amid news of the company's new chief marketing officer, former Amazon.com Inc (NASDAQ: AMZN) face Nandan Nayampally.

Coal stocks pop, then drop

Finally, the week was also good to ASX 200 coal shares, until it wasn't.

Stock in Whitehaven Coal Ltd (ASX: WHC), for instance, lifted 17% between Monday's open and Wednesday's close. However, Thursday saw it tumble 7%.

That came despite no price-sensitive news from the energy giant. However, coal prices likely played their part.

Additionally, word that Whitehaven managing director and CEO Paul Flynn offloaded $7.9 million of the company's stock might have weighed on its share price yesterday.

The post 5 of the craziest things making news on the ASX this week appeared first on The Motley Fool Australia.

The beauty company suspended trading of its stock in late August amid confusion over certain revenue recognition issues for financial year 2021 and financial year 2022.

The BWX share price last trading at 63 cents – 85% lower than it was at the start of 2022.

For comparison, the All Ords fell 9% over the eight months ended 31 August.

Let's take a closer look at when the market might expect the All Ords share to return to trade.

Shares in All Ords company BWX to return to trade

The BWX share price could be set to kick off for the first time in three months next week.

The company now expects to drop its audited financial year 2022 results on Monday before returning to trade on Tuesday. The latest update on the saga was released earlier this week.

The confusion over its earnings meant it wasn't sure whether it met its previous guidance.

It also meant the company might have needed to restate its earnings for financial year 2021 and the first half of financial year 2022. Though, that wasn't mentioned in its most recent update.

Its earnings were initially expected to be released in late September. That was later pushed back to late October before being delayed once more last month.

The company also deferred its annual general meeting (AGM) due to the delay. It hasn't yet announced when the meeting will go ahead.

BWX develops, manufactures, and distributes natural beauty and wellness products under brands including Sukin, Andalou Naturals, and Mineral Fusion.

No doubt many will be watching BWX shares next week to see how the market reacts to the All Ords stock's extended halt and financial year 2022 results.

The post ASX All Ords share BWX tipped to start trading next week after 3-month trading halt appeared first on The Motley Fool Australia.

That's because the personal care products company has become the latest victim of a cyberattack.

What's going on with this ASX All Ords share?

This morning, BWX revealed that its Flora & Fauna business has identified that a malicious code unlawfully inserted into its website may have resulted in customer credit card numbers and expiry dates being transmitted to an unauthorised third-party.

The release notes that approximately 2,500 customers, who transacted on the Flora & Fauna website between 13 August 2022 and 29 September 2022, may have been impacted by the cyberattack.

BWX highlights that only credit card numbers and expiry dates appear to have been transmitted to the unauthorised third party. No other personal information, such as customer names, CVV codes, passwords, or other information entered at checkout have been accessed.

What remains unclear, though, is what changed on 29 September to stop the code and how long the company has known about the attack.

'Considerable concern'

BWX's CEO, Rory Gration, commented

We apologise to our Flora & Fauna customers who will experience considerable concern due to this cyber incident. We take the privacy and security of customer data very seriously and we want to assure our customers that we acted promptly to identify, isolate and remove the malicious code on the Flora & Fauna website, as well as taking additional steps to upgrade security on the Flora & Fauna website. We have notified potentially affected customers of the breach, explained steps they can take to limit risk to their information and will ensure affected customers are provided with appropriate information and support.

Why is the BWX share price suspended?

The BWX share price has been out of action since August at the company's request.

This is because it is taking BWX an alarming amount of time to prepare its audited accounts after identifying irregularities in its financial reports.

The company recently extended its suspension, explaining:

BWX advises that this timeline has been extended, with the release of audited accounts – including certain revenue recognition issues for FY21 and 1H FY22 and the likely impairment of intangible assets – expected in mid-November 2022. The Board considers it imperative that the audit and any adjustments are completed accurately, which necessitates additional time.

The post Another ASX All Ords company has just been hit with a cyberattack. Here's the lowdown appeared first on The Motley Fool Australia.

This comes as the company requested the ASX that its shares be suspended from quotation immediately.

Currently, the personal care products company shares are frozen at 63 cents apiece.

Why is the BWX share price suspended?

The company requested the BWX share price to be suspended as it requires additional time to prepare its full-year results.

Previously, BWX had been scheduled to release its audited FY 2022 results to the market tomorrow.

However, due to irregularities in its financial reports, the company has asked the ASX for the suspension to last until 30 September.

BWX stated that it "anticipates the suspension will cease on it lodging an Appendix 4E and audited accounts with ASX in relation to its FY22 full financial year."

What does this mean?

Management provided some further insight in regards to why it needed more time to collate its FY 2022 results.

It said that "certain revenue recognition issues for FY21 and FY22 and the likely impairment of its intangible assets to a level significantly below their carrying value as previously foreshadowed to the market on 28 June 2022."

This means that BWX could fall short of its previously stated full-year guidance for FY 2022.

Following its trading update and capital raise announcement in June, the company forecasted revenue to be approximately $206 million (before significant items).

FY22 forecast of earnings before interest, tax, depreciation and amortisation (EBITDA) (before significant items) was projected to be around $6 million to $10 million.

And on the bottom line, net profit after tax (NPAT) (before significant items) was forecasted to come at a loss of roughly $10 million to $14 million.

About the BWX share price

Since this time last year, BWX shares have headed on a downhill trend to hit an all-time low of 61 cents on 23 August.

Ultimately, this led the company's shares to register a loss of 88% for the period.

Based on today's price, BWX has a market capitalisation of around $125.99 million.

The post Why is the BWX share price on ice today? appeared first on The Motley Fool Australia.

Negative sentiment about the economic outlook was a key factor weighing down the index.

Here are the five worst-performing ASX shares of the month, according to Capital IQ figures.

• BWX Ltd (ASX: BWX) down 51.5%
• MoneyMe Ltd (ASX: MME) down 51.3%
• Sezzle Inc (ASX: SZL) down 50%
• Incannex Healthcare Ltd (ASX: IHL) down 47.5%
• Humm Group Ltd (ASX: HUM) down 47.4%

What worried ASX investors in June?

People are starting to notice an increase in the prices of groceries and other day-to-day essentials, particularly electricity, that they simply can't avoid.

Inflation is no longer something people read or hear about in the news, it's actually in their face and affecting their weekly budgets.

On top of that, home loan interest bills have increased by 0.75% after the Reserve Bank of Australia increased the official cash rate by 0.25% in May and 0.5% in June.

On a $1 million home loan, that's an extra $7,500 in interest payments per year or $625 per month.

So, investors are likely worried about how the companies they are invested in might be affected by these things. Some might also be wondering if they want to have their spare cash invested at the moment.

Why these ASX shares tanked

These ASX shares had a rockier month than most.

The companies released the following news to the ASX in June:

• BWX Limited announced a capital raising at a significant share price discount
• MoneyMe shares drifted downwards all month despite the company releasing no price-sensitive news except a media response denying it had tested a capital raising proposal with investors. But its share price skyrocketed today on news about its funding platform
• Sezzle did not release any price-sensitive news in June, however, its share price likely fell due to concerns about increasing inflation and competition and the threat of more regulation in the buy now, pay later (BNPL) space
• Incannex announced positive results in its phase 2 sleep apnoea trial in early June but the share price trundled lower for the rest of the month
• Humm shares fell due to the agreed termination of the company's $250 million BNPL deal with Latitude and the resignation of the majority of the board.

The post 5 worst ASX All Ordinaries shares in June appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

BWX Ltd (ASX: BWX)

The BWX share price is down a further 2% to 65 cents. Investors have been selling down this personal care products company's shares this week following a disastrous trading update and heavily discount capital raising. In respect to the former, the Sukin owner downgraded its earnings guidance materially for FY 2022 due to challenging retail conditions. That's despite its most recent guidance update being made last month.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 6% to 15 cents. This decline appears to have been driven by the broad market weakness. Higher risk shares have been hit hardest, with a number of lithium shares falling heavily today. This latest decline means the Sayona Mining share price is now down 33% since this time last month.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price has continued its slide and dropped a further 5% to a new record low of 61.5 cents. Investors have been selling this payments company's shares this week after it announced the surprise exit of its managing director and CEO, Robbie Cooke. In response to the news, this morning analysts at Macquarie downgraded Tyro's shares to a neutral rating.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside Energy share price is down over 2.5% to $31.95. Woodside and other energy shares have come under pressure on Thursday. This follows a pullback in oil prices overnight amid concerns that a recession could lead to softening demand. The S&P/ASX 200 Energy index is down 1.9% this afternoon.

The post Why BWX, Sayona Mining, Tyro, and Woodside shares are sinking appeared first on The Motley Fool Australia.

They've each slumped to new 52-week lows on Wednesday. Let's take a look at what's dragging them downwards.

The All Ordinaries Index is down 1.23% at the time of writing.

3 ASX All Ords shares slipping to 12-month lows

Tyro Payments Ltd (ASX: TYR)

The Tyro Payments share price tumbled 20% on Wednesday from its previous close, sliding to an all-time low of 62 cents.

The downturn came after the financial technology company announced its CEO and managing director Robbie Cooke is stepping down. Cooke has provided the company with six months' notice.  

Meanwhile, Star Entertainment Group Ltd (ASX: SGR) announced Cooke will be stepping up to the top job at the casino operator in the near future, subject to regulatory approvals.

Piedmont Lithium Inc (ASX: PLL)

Another ASX All Ords share sliding to a new 52-week low today is Piedmont Lithium.  

The lithium developer's share price fell 7.9% to trade at 58 cents late morning on Wednesday. That's despite news that production at the North American Lithium project is set to restart in the first half of 2023.

Piedmont has a 25% stake in the project. The other 75% is owned by Sayona Mining Ltd (ASX: SYA).

Sayona announced the news yesterday afternoon, while Piedmont released its announcement on the restart this morning.

BWX Ltd (ASX: BWX)

Finally, ASX All Ords share BWX tumbled another 5% at its intraday low to trade at 66 cents. That marks a new all-time low for the company behind skincare and haircare brands like Sukin.   

The BWX share price plummeted 40.6% yesterday on news of a capital raise offering new shares at a 48.7% discount to the stock's previous closing price. Today's fall appears to be a continuation of yesterday's sell-off.

The post These 3 ASX All Ordinaries shares are hitting new 52-week lows today appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price is down 7% to $5.92. This follows broad weakness in the tech sector following a poor night of trade on the tech-focused Nasdaq index. The selling in the sector today has led to the S&P ASX All Technology index dropping 1.3% at the time of writing.

BWX Ltd (ASX: BWX)

The BWX share price has crashed 41% to 69 cents. This follows the launch of a fully underwritten $23.2 million capital raising at a whopping 48.7% discount of 60 cents per share. In addition, the personal care products company downgraded its earnings guidance materially for FY 2022 due to challenging retail conditions. That's despite its most recent guidance update being made last month.

Imugene Limited (ASX: IMU)

The Imugene share price is down over 10% to 21.5 cents. This decline appears to have been driven by profit taking after some very strong gains by the immuno-oncology company's shares Monday. Investors were bidding Imugene's shares higher following the release of promising study results.

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price is down 2.5% to $43.04. Wesfarmers and a number of retailers have come under pressure today after a leading broker downgraded their shares due to concerns over a softer consumer demand backdrop. In respect to Wesfarmers, analysts at Ord Minnett downgraded the company's shares to a lighten rating with a $41.20 price target.

The post Why Appen, BWX, Imugene, and Wesfarmers shares are dropping appeared first on The Motley Fool Australia.

This comes after the company announced an FY22 trading update as well as a capital raise to reduce its debt.

At the time of writing, the personal care products company's shares are fetching for 72.5 cents, down 38.03%.

What's driving the BWX share price lower?

Investors are scrambling to sell BWX shares after an impending share dilution from the company.

According to the release, BWX advised it has launched a fully underwritten $23.2 million capital raise.

The details consist of a $13.5 million placement to sophisticated and professional investors and a $9.7 million non-renounceable entitlement offer.

Listed at a price of 60 cents apiece, this represents a 48.7% discount to the last closing price of $1.17 on 23 June 2022.

Approximately 38.6 million new fully paid ordinary shares in BWX are set to be issued under the offer. This accounts for around 24% of the company's existing ordinary shares on issue.

The proceeds will support BWX's business operations as well as accelerate its "debt reduction towards more conservative leverage ratios."

Pro-forma net debt as at 30 June 2022 is expected to be between $58-62 million (following the net proceeds received).

FY22 trading update

Furthermore, BWX provided an FY22 trading update in regards to its revenue and earnings guidance.

Management is forecasting underlying revenue to tip $212 million, up 9% from the $194.3 million achieved in FY21.

However, underlying EBITDA is expected to come in the range of $12-$16 million, down 59% from $34.5 million in FY21.

Looking further ahead, BWX's financial metrics are predicted to greatly change in FY23. 

The business is forecasting revenue to be roughly $260-$270 million, and EBITDA to come in between $45-$49 million.

The BWX share price has fallen by more than 86% over the past 12 months and is down 84% year-to-date.

The post BWX share price sinks 38% following capital raising at dizzying discount appeared first on The Motley Fool Australia.

This comes after the company requested its shares be placed in a trading halt before market open.

For now, shares in the personal care products company are frozen at $1.17 apiece.

It's worth noting that BWX shares hit an all-time low of $1.08 last week despite posting a small rebound recently.

Why is the BWX share price halted?

Prior to the opening bell, the company requested the BWX share price be halted while it prepares an announcement.

According to the release, the company is planning to make a statement relating to a trading update.

BWX has requested that the trading halt remains in place until Tuesday 28 June or when the announcement is made, whichever comes first.

More on the trading halt

While no further details have been given by BWX, The Australian shed more light on what could be ahead for the company.

According to the publication, BWX is preparing to notify the ASX of a profit downgrade along with a potential capital raise.

The news comes a week after Tattarang Ventures made a strategic investment in BWX and now holds a 17% stake.

Owned by the Forrest family, namely Andrew 'Twiggy' Forrest, Tattarang holds an extensive investment portfolio. This includes sectors across agri-food, energy, resources, property, lifestyle, and health tech.

BWX share price snapshot

Since this time last year, BWX shares have continued to come under severe selling pressure from investors, down 78%.

In 2022, the company's shares have fallen 73%.

Based on valuation grounds, BWX presides a market capitalisation of approximately $191.25 million.

The post Why is the BWX share price halted on Friday? appeared first on The Motley Fool Australia.