RE:How can this company still be trading?Anschutz wrote: Summary: Aphria Inc. (NYSE:APHA)
- Yesterday Aphria received a ‘hostile’ takeover offer from a company called Green Growth Brands Ltd. (“GGB”), which aims to acquire Aphria in a C$2.8 billion all-stock deal.
- GGB’s second largest shareholder is a fund sponsored by Green Acre Capital, a firm that lists none other than Aphria CEO Vic Neufeld on its board of advisors. Aphria has invested directly in the fund and therefore already owns a significant stake in GGB.
- GGB recently listed a current Aphria board member on its own board of directors. Other recent GGB directors have obvious affiliations with Aphria and its related persons.
- GGB was formed this year, has almost no revenue or tangible assets, and has limited operations. Despite this, its newly-listed, thinly-traded stock has spiked to a market cap of ~C$890m on average daily dollar volume of only ~$1.3 million.
- In short, we think GGB is largely a worthless entity with numerous signs of Aphria related-party influence. This entire proposed deal strikes us as merely an epic next step of Aphria’s brazen shell game.
- We view this offer as non-credible and likely an attempt to generate the appearance of demand in the hopes of spurring credible offers.
This Hindenburg article is bizarre and also funny coming from the fraudulent short attacker itself .
And I am expecting this article will be the trigger for Aphria to release its official rebuttal to those attacks which were all lies. And Vic’s confirmation of still on the Aphria Board And still CEO is proof the the rebuttal will clear all insiders including Vic of any wrongdoing.
Hopefully the rebuttal is released today or the Diageo deal or the HC approval .