Why PureCycle Technologies Stock Plunged Today
Shares of newly public plastics recycling company PureCycle Technologies (NASDAQ: PCT) plunged Thursday after short-seller Hindenburg Research said the company "represents the worst qualities of the SPAC boom." As of noon EDT, PureCycle shares were down a hefty 40% on the day.
PureCycle went public through a special purpose acquisition company (SPAC) merger earlier this year. The company was created to use proprietary technology licensed from Procter & Gamble (NYSE: PG) to recycle waste plastics for various potential applications. Hindenburg Research, which has disclosed a short position in the stock, called the company "the latest zero-revenue, ESG-themed SPAC to be taken public with a bold story about how it will someday 'revolutionize' the plastics recycling industry." The company has yet to respond.
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Source Fool.com
