Editor’s Note: This article has been updated to include a response from Gorilla Technology.
Gorilla Technology Group Inc (NASDAQ:GRRR) shares are tanking Thursday after The Bear Cave released a short report on the company. Here’s what investors need to know.
What To Know: Short seller The Bear Cave released a bearish report on Gorilla Technology Thursday morning in response to the stock’s approximately 1,200% rise over the past six months, driven by retail investor enthusiasm surrounding recent partnership announcements.
“The Bear Cave believes recent retail investor enthusiasm for the company may be premature,” the short seller said.
The Bear Cave pointed out several red flags at Gorilla Technology including the company’s aggressive pivot to AI technology, its revenue streams, unconventional partnerships and controls over financial reporting.
In response, Gorilla Technology management stated, “We are being targeted by short sellers who have no credibility, no valuable insights into our business, and no reputation. Their so-called analysis is nothing more than an attempt to manipulate the market for their …
