Spruce Point is out with an "update" of their short report from last year, just repeating the same tired old arguments. C3's cash is declining. Well yes, C3 did an IPO to raise the money they needed to grow the business, and now they're growing it - opening sales offices around the world, and opening a product development center in Mexico. They're spending money now to grow the business in the future, that's why they did the IPO. They've said that their cash will not go below $700m, so there isn't any problem, but of course SP never mentions this. C3's sales to the Defense Dept are up 100% year over year, but of course SP never mentions this. Shell has said that C3 products have been a game changer for the company and that they're getting billions of dollars of economic benefit from the products, but of course SP never mentions this. There are millions of shares of C3 that have been sold short, at some point you have to ask the question, who is it that is paying SP to keep putting out these bogus reports?
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