Re: 2clubs From your article. Sound familiar sh5thawk.
One of the hardest hit has been PureCycle, a Florida-headquartered advanced recycling startup that went public this year through a special purchase acquisition company. It ended its first day of trading on March 18 with shares up 13% to $33, giving it a market capitalization of around $3.8 billion.
But its shares tumbled 40% on May 6, the day short-seller Hindenburg Research published a report calling the recycler’s technology “unproven” and its financial projections “ridiculous.” PureCycle shares have since regained some ground.
PureCycle said the same day that Hindenburg’s report was “designed to drive down the stock price in order to serve the short seller’s economic interests.” It declined further comment about the report.
Hindenburg declined to comment.