Shares of PureCycle Technologies are down $5.88, or 24%, to $18.71 in pre-market trading after short selling research firm Hindenburg Research called the company a “zero-revenue ESG SPAC charade” in a report published this morning on its website. PureCycle’s Chairman/CEO and other associated executives “collectively took 6 companies public prior to PureCycle. All have failed, resulting in 2 bankruptcies, 3 delistings, and 1 acquisition after a ~95% decline,” said Hindenburg, which claims that former employees of earlier “failed companies” said PureCycle’s executives “based their financial projections on ‘wild ass guessing’, brought companies public far too early, and had deceived investors.” Multiple competitors and industry experts argue that PureCycle “faces steep competition for high quality feedstock, and called the company’s financial projections into question,” according to Hindenburg.
previous post
next post