NXE Stock Tumbles After Culper Research Reveals Short Position
Synopsis
Culper alleged that the net present value of NexGen’s Rook I project is overstated by 43% to 62% and the company is “ultimately an insider enrichment scheme with substantial downside.”
Shares of NexGen Energy Ltd. (NXE) slumped 10% on Friday after Culper Research announced a short position in the Canadian-based uranium exploration and development company.
Culper alleged that the net present value of NexGen’s Rook I project is overstated by 43% to 62% and the company is “ultimately an insider enrichment scheme with substantial downside.”
It also added that the company’s targeted peak annual uranium production of 29.7M lbs is “impossible to achieve.”
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