GigaCloud says short seller Culper's report lacks merit, shares down

GigaCloud Technology

29/09/2023 12:55

** U.S-listed shares of Hong Kong-based ecommerce firm
GigaCloud Technology  GCT.O  fall 4.6% to $7.34 premarket 
    ** GCT says short seller Culper Research's report lacks
merit and contains numerous defamatory, selective, inaccurate,
incomplete and misleading statements and speculations
    ** Adds it is reviewing the claims and will make additional
disclosures in due course consistent with the requirements of
applicable rules and regulations of the U.S. Securities and
Exchange Commission (SEC)
    ** "We are short GigaCloud Technology Inc ... the company's
business is a fraction of what it has claimed," short-seller
Culper Research had said on Thursday
    ** Up to last close, stock was up ~35% this year

 (Reporting by Jaspreet Singh in Bengaluru)
 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))