BUZZ-US-listed shares of IperionX plunge after Sprucepoint says is short on stock

Reuters11-13
BUZZ-US-listed shares of IperionX plunge after Sprucepoint says is short on stock

** U.S.-listed shares of titanium producer IperionX IPX.O IPX.AX down about 11% at $33.64

** Spruce Point Management is short on co; says investor expectations are "too high," sees challenges with co's commercial efforts that may not be fully reflected in its valuation

** "Shares may be significantly overvalued, with potential downside risk of 70%-5%" — investment firm

** Spruce Point also sees concerns with accuracy of co's financial reporting

** Says co's highly promoted Hydrogen-assisted magnesiothermic reduction (HAMR) is not likely to “revolutionize” the industry or displace the established Kroll process for titanium production

** As of last close, stock up 8.9% YTD

(Reporting by Koyena Das)

((Koyena.das@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment