GCT rebuttal released this morning ..... it lacks any detail which is itself a red flag. They chose not to address any of the specific points made in the short attack -
WALNUT, Calif., Sept. 29, 2023 (GLOBE NEWSWIRE) -- GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise, today issued the following statement in response to claims made in a report by Culper Research, a short seller.
The report lacks merit and contains numerous defamatory, selective, inaccurate, incomplete and misleading statements and speculations. The report demonstrates a fundamental lack of understanding of the Company’s business and financial condition. The Company is reviewing the claims and considering appropriate courses of action to protect the interests of all of its shareholders. As part of its commitment to transparency and compliance, the Company will make additional disclosures in due course consistent with the requirements of applicable rules and regulations of the U.S. Securities and Exchange Commission (the “Commission”) and Nasdaq and ensure that relevant information is communicated to shareholders and the public in a timely and accurate manner.
Investors are cautioned that the claims come from a short seller. Therefore, investors shall exercise caution when considering these claims. Investors are encouraged to review materials filed by the Company with the Commission and available on the Company’s investor relations website. The Company reserves all rights to take appropriate measures to defend itself against these claims and safeguard the interests of its shareholders.
