Bleecker Street Research
Long/short equity, special situations

Research Frontiers: Shares Could Fall Substantially If Sky-High Expectations Are Not Met

Research Frontiers (NASDAQ:REFR), currently trading at $5.90 a share with a market cap of $136 million, is substantially overvalued with an overstated addressable market, a history of diluting shareholders, and a sky-high valuation. Under certain circumstances shares could fall 75% to 90%.

Research Frontiers is not a new company. The technology is not new. The company was incorporated in New York in 1965 that makes this company nearly 50 years old. Age of a company is not usually a red flag unless a company has been selling the same story, and failing to deliver, for nearly that entire time. The company's roots go back even further than that, as it was "incorporated (...) to continue early work the...

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