The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has closed down 0.7% at 5,194.50 points, but these four smaller companies saw their share price sink much further.
Temple & Webster Group Ltd (ASX: TPW) saw its share price plunge 31.3% to just 16.5 cents, after the online homewares retailer announced a the resignation of CEO Brian Shanahan, the retirement of its ZIZO brand, and lowered its revenue guidance again. Temple & Webster says it now plans to be breakeven in the 2018 calendar year – A disaster of an IPO if ever there was one. No wonder investors don't want to own shares anymore.
Emerchants Ltd (ASX: EML) share price dropped 4.8% to $1.575, although has still doubled from a year ago. The company provides prepaid debit card programs and recently announced a multi-year agreement with bet365 to offer a fully branded payment card to its customers. However, there appears to be plenty of hype built into the share price, so it's no wonder it is coming back a bit.
Vitaco Holdings Ltd (ASX: VIT) share price fell 6.9% to $1.415, and is down 45% since the start of this year. The vitamins and sports nutrition company is certainly in the doghouse compared to its more established peer Blackmores Limited (ASX: BKL), thanks to uncertainty over the new import rules, taxes and regulatory changes Chinese officials are reportedly introducing. CEO Ryan D'Almeida recently told Fairfax Media that the market doesn't understand his company and he couldn't explain the share price plunge, but did say that the company was on track to meet its IPO forecasts.
Surfstitch Group Ltd (ASX: SRF) share price is down 6.1% to $1.15, continuing recent falls. As I wrote earlier this week, the most likely cause is impatient shareholders who had bought into the company expecting a quick takeover announcement. As the saying goes, "the stock market is a device for transferring money from the impatient to the patient". Personally, I'll be hanging onto my shares in the company for as long as I can.
