PCT - stevehemingway/trading GitHub Wiki

theworks(fraud,bleecker-street-research and hindenberg,{doomed},PureCycle Technologies,industrial,{https://substack.com/redirect/acfa239a-7fc7-4639-a00b-38cc88e9fbab?j=eyJ1Ijoibm1idCJ9.oKN8sNuAta-fKDvVXVf40Ijrk4j2KaDlakvdPE7BH98}) Bleecker Street Research published on PureCycle Technologies (NASDAQ: PCT — $818 million), an emerging plastic recycling company. Bleecker Street alleged the company misrepresented the operational status of its advanced recycling plant. For example, in June the company “announced it had begun commercial scale operations, [which was] contradicted by regulatory documents that show no salable product was produced during the time period.” In addition, Bleecker Research “commissioned a drone survey of [PureCycle’s] facility” and based on the drone’s thermal imaging determined that the plant was operating at temperatures around 50 degrees Celsius rather than the 200 degrees Celsius necessary to melt and recycle plastic.

In May 2021, Hindenburg Research also published on PureCycle and highlighted that the company’s executive team “collectively took 6 companies public prior to PureCycle. All have failed, resulting in 2 bankruptcies, 3 delistings, and 1 acquisition after a ~95% decline.”