Statement of Renovaro Inc
- None.
- Hindenburg's opinion piece contains misleading statements and false claims that could impact Renovaro's shareholders and patients negatively.
Insights
The public statement by Renovaro in response to Hindenburg's opinion piece indicates a complex situation that intertwines legal, ethical and financial considerations. From a legal standpoint, the implications of Hindenburg's disclosed short position in Renovaro's stock could raise questions about market manipulation and the legality of the tactics used. The legal action Renovaro intends to pursue regarding its unsolicited listing on the Berlin stock exchange further adds to the seriousness of the situation. It is essential to scrutinize the legal precedents and regulations governing short-selling activities and the involuntary listing of a company's stock on an exchange, as these can have significant repercussions on investor trust and market stability.
A short-seller's report, especially one from an entity like Hindenburg with a track record of impactful publications, can have immediate and potentially long-term effects on a company's stock price. Investors and analysts must carefully evaluate the claims made by Hindenburg, considering both the potential motivations behind the report and the factual basis of the allegations. Renovaro's forceful rebuttal suggests confidence in their position and operations, which could reassure investors. However, the mere presence of such a report can lead to increased volatility in the stock's price. Market participants should assess the substance of the claims, the company's response and any potential impact on Renovaro's financial health and future performance.
The addition of four notable leaders to Renovaro's Board could be seen as a strategic move to bolster the company's governance and credibility amidst the controversy. This development may influence investor perception and could be a factor in stabilizing the company's market standing. Additionally, the unsolicited listing of Renovaro's stock on the Berlin stock exchange introduces an element of unpredictability that could affect trading volumes and the stock's international exposure. Understanding the dynamics of such listings and their impact on a company's global market presence is crucial for investors and stakeholders looking to gauge the potential ripple effects on the company's valuation and market strategy.
LOS ANGELES, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The following is a statement by Renovaro (Nasdaq: RENB) in response to Hindenburg's recent opinion piece:
We felt compelled to comment on the shorter Hindenburg’s opinion piece.
The one thing Hindenburg got right is that the Board of the Company has remained steadfast in their confidence and support in the lifesaving potential of Renovaro. In fact, four exceptional leaders in the field of 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: “You should assume that as of the publication date of any short-biased report or letter, Hindenburg Research (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors has a short position in all stocks (and/or options of the stock) 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, we became aware yesterday that our Company was listed without our knowledge on the Berlin stock exchange. We are taking immediate legal action to file a complaint with the proper authorities.
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: “information is presented “as is,” without warranty of any kind – whether express or implied. Hindenburg Research makes no representation, express or implied, as to the accuracy, timeliness, or completeness of any such information…. All expressions of opinion are subject to change without notice, and Hindenburg Research does not undertake to update or supplement this report.”
In an apparent desire to make profit at the expense of other Renovaro shareholders and, potentially, the lives of patients, there is a new false claim about the innovative and advanced AI capabilities of GEDiCube, now RenovaroCube.
“I have been in the technology business for nearly four decades, including leading multiple acquisitions,” said Avram Miller, Co-Founder of Intel Capital and Intel’s former Corporate Vice President for Business Development, “After spending many hours and days learning in depth about the power of the deep machine learning of RenovaroCube, I am convinced it is among the most advanced and creative technologies, and is led by a very talented team. While it is initially being applied to the accelerated development of next generation health care products, I believe the depth of the insights could very well expand to become the backbone for a number of large commercial markets. In addition, today’s announcement of a binding LOI with Cyclomics (link) positions the combination of cutting-edge technologies to be at the forefront of liquid biopsies (blood tests) for cancer and other diseases. I believe we are building a first-class company based in strong technology and science with an impressive commercially-based organization. I am very excited to be part of this journey.”
Dr. Coen van Kalken, MD PhD said, “We were one of the original investors in the technology GEDi Cube acquired as a holding company. I have seen the remarkable advancement of the underlying, award-winning deep machine learning from its origins in Fintech to its current applications in the biomedical space. As a clinician, scientist and entrepreneur for more than 3 decades, I became so captivated by the accelerated progress, in particular in the past year, it was not a difficult decision to accept the offer to lead GEDiCube, now RenovaroCube. In addition to our own technology, we are rapidly expanding our network of current and potential partners. We are fortunate that Dr. Henk Vietor, MD PhD, a well-known and respected clinical geneticist, researcher and health care entrepreneur has joined as CMO. We are both convinced of RenovaroCube’s lifesaving commercial potential and the prospect of products in the marketplace already this year.”
The Board and Management remain confident in the future of the Company and believe people will see these baseless attacks for what they are.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties, including but not limited to the success or efficacy of our pipeline. All statements other than historical facts are forward-looking statements, which can be identified by the use of forward-looking terminology such as “believes,” “plans,” “expects,” “aims,” “intends,” “potential,” or similar expressions. Actual events or results may differ materially from those projected in any of such statements due to various uncertainties, including as set forth in Renovaro’s most recent Annual Report on Form 10-K and its definitive proxy statement related to the acquisition of GEDi Cube Intl Ltd. filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Renovaro Inc. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.
Contact Information:
Source: Renovaro Bioscience
FAQ
What is Renovaro's ticker symbol?
How did Renovaro respond to Hindenburg's opinion piece?
What action is Renovaro taking against being listed on the Berlin stock exchange without their knowledge?
What does Hindenburg Research's disclaimer mention about the accuracy of their information?
What potential impact could Hindenburg's false claims have on Renovaro?
Who recently joined Renovaro's Board?
