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Grizzly calls SPI Energy 'egregious pump and dump'; shares -7%

Oct. 22, 2020 10:42 AM ETSPI Energy Co., Ltd. (SPI) StockSPIBy: Kim Khan, SA News Editor2 Comments
  • SPI Energy (SPI-6.9%) is falling after short-seller Grizzly Research issued a short report that accuses the company of pumping the stock on hot trends and then failing to achieve.
  • "We believe SPI is an egregious pump and dump company," Grizzly writes. "The company’s stock has had a date with almost all the hottest trends in the recent two years, including Cryptocurrency, CBD, and now Electric Vehicles."
  • "The stock tells a repetitive story of pumping the stock on news of hot strategic establishment, followed by aggressive PR campaigns and ultimately a failing value proposition."
  • The stock made headlines after the company announced an EV subsidiary and shares rocketed to nearly $47 from $1 in one session, before falling back.
  • "We identified that the CEO of SPI is a wanted fugitive in China," Grizzly writes. "He has also been involved in another public company that went bankrupt prior to joining SPI."
  • "With a negative book value of equity, we believe the stock will at best return to previous levels, at worst quickly become another one of the CEO’s bankrupt companies."
  • Shares are still up more than 1,000% in the last six months.
  • The short interest in the stock is 11.8% of the float, according to Bloomberg.

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