Hit With Short Seller Report, Renovaro Biosciences Comments On Hindenburg's Opinion Piece

Tuesday, Renovaro Biosciences Inc RENB shares tanked in reaction to Hindenburg’s short report.

Wednesday, Renovaro released a statement in response to Hindenburg’s recent opinion piece, saying it felt compelled to comment.

The company says four exceptional leaders in technology and business have recently joined the board.

“The rest of the diatribe is largely rehashed material they have been using in a transparent attempt to make money as an active shorter of the company’s stock – a fact that is buried at the very end of the opinion piece,” the company said. 

“You should assume that as of the publication date of any short-biased report or letter, Hindenburg Research, along with our clients and/or investors, has a short position in all stocks covered herein and, therefore, stands to realize significant gains in the event that the price of any stock covered herein declines.”

In addition to Hindenburg’s shorter attack, Renovaro Biosciences said they were unaware of the stock being listed on the Berlin stock exchange. “We are taking immediate legal action to file a complaint with the proper authorities,” the company said.

The commentary itself is riddled with falsehoods and misleading statements. Indeed, there is a heavy caveat – again, buried at the end – that what is stated is mere opinion without claims of accuracy, the company commented.

Renovaro also said, “There is a new false claim about the innovative and advanced AI capabilities of GEDiCube, now RenovaroCube.”

“In addition, today’s announcement of a binding LOI with Cyclomics positions the combination of cutting-edge technologies to be at the forefront of liquid biopsies (blood tests) for cancer and other diseases.”

Renovaro added that the board and management remain confident in the company’s future and believe people will see these as baseless attacks.

Price Action: RENB shares are up 18.20% at $2.27 on the last check Wednesday.