ASPI Stock Falls For Third Day As Short-Seller Pressure Persists Despite CEO Rebuttal: Retail Buys The Dip
By Stocktwits Inc | First Published Nov 28, 2024, 2:09 AM ISTWhile shares of ASP Isotope have tumbled nearly 45% in the last three trading sessions, the stock is still up 198% so far this year.
Shares of ASP Isotopes Inc. ($ASPI) were down over 15% in mid-day trading on Wednesday, tracking a third straight day of losses following short seller Fuzzy Panda’s accusations of fraud and failed technology.
The advanced materials company responded saying that the report includes “speculative conjecture” and claims that are “inaccurate or filled with innuendo” in an attempt to mislead investors.
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ASP Isotopes also revealed that it is in the process of commissioning three isotope enrichment facilities in South Africa, rebutting Fuzzy Panda’s allegations of failed technology.
The first facility will enrich Carbon-14 for use in healthcare and agrochemicals, while the second will enrich Silicon-28, which the company believes will enable faster, more efficient semiconductors for use in artificial intelligence and quantum computing.
The third facility is scheduled to enrich Ytterbium-176, a critically important raw material used in the production of radio-oncology therapies like Novarits’ Pluvicto.
“Hopefully it will start producing products in the first half of next year,” CEO Paul Mann said in an interview Wednesday morning.
Majority of the retail investors polled on Stocktwits believe the dip in ASI Isotope’s stock is a great buying opportunity.
However, some users on the platform are hoping for a more robust response from the company beyond the press release that doesn’t address Fuzzy Panda’s specific accusations.
Another user thinks that the report doesn’t necessarily need a strong response.
On Tuesday, Fuzzy Panda accused ASP Isotopes of relying on AVLIS technology, which it claimed was deemed commercially unviable after 1990s U.S. Department of Energy trials.
The short seller also alleged links to individuals involved in microcap fraud and “paid stock promotion in Uranium” while noting some of ASP’s South African subsidiaries were untraceable at their registered addresses.
On Stocktwits, the stock saw a 706% surge in message volume and a 6.77% rise in watchers in the past 24 hours, making it the most active materials stock during the period.
While ASP Isotope’s stock has tumbled nearly 45% in the last three trading sessions, the stock is still up 198% so far this year.
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