The BWX Ltd (ASX: BWX) share price won't be going anywhere on Monday.
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.
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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.
