Perion US shares slide after Spruce Point short

Perion Network

23/05/2023 14:22

** U.S.-listed shares of ad-tech firm Perion Network
 PERI.O  fall 4.4% to $30.39 premarket 
    ** Short-seller Spruce Point short on PERI, on "concerns
about the accuracy of its financial reporting, efficacy of its
product suite and the sustainability of its growth"
    ** Perion did not immediately respond to a Reuters request
for comment 
    ** About 1.3% of Perion's free float was shorted as of
Monday, analytics firm Ortex estimated
    ** "Perion is a roll-up of aggressive clickbait sites across
the internet and Perion makes money by putting 100s of
advertisements on articles like '40 celebrities with exotic
pets'" - Edwin Dorsey at Bear Cave had flagged last year 
    ** As of Monday's close, PERI has gained 25.6% YTD

 (Reporting by Shreyashi Sanyal in Bengaluru)
 ((Shreyashi.Sanyal@thomsonreuters.com; +1 646 223 8780; +91 961
144 3740; Twitter: https://twitter.com/s_shreyashi;))