PyroGenesis Canada Inc (PYR)

[MQuinton]

Mariner Research is out this morning on PYR, with serious concerns about the stock: https://marinerresearchgroup.com/2021/04/28/pyr-a-family-affair-rife-with-conflicts-roundtrip-revenues-and-plenty-of-unfulfilled-promises-pt-0-74/

- A pattern of overpromising and underdelivering

- We believe that PYR is not a credible player in the 3D printing space, and that its inclusion in the ARK PRNT ETF is unjustified

- A "client" that turned out to be a company run by the CEO's son - we do not believe this entity even has permanent office space, and we believe it was formed to skirt Canada/Saudi Arabia trade restrictions in place at the time of formation

- "Revenues" from a company that PYR owns a portion of equal to an amount PYR invested in that company

- What we believe to be misrepresentations about PYR's relationship with the US Navy, namely, that the relationship is with a vendor to the Navy and not the Navy itself

- We believe that the combination of the above, in addition to internal control deficiencies call into question the veracity of the financial statements, and we assign a price target of $0.74 to the stock