Here's Why SOS Limited Stock Is Gaining Back Lost Ground Today
Shares of SOS Limited (NYSE: SOS) were gaining back lost ground on Monday morning after management pushed back against various short-sellers. The stock fell roughly 60% below 52-week highs after some prominent short-sellers outlined their short theses. However, SOS management released a statement this morning that appears to be calming investors' fears. As of 10:30 a.m. EST, SOS stock was up a whopping 44%.
On Feb. 26, short-seller Hindenburg Research released its short thesis on social media. To summarize, it believes shares are worth $0, as the company allegedly does business with dubious companies and has offices in buildings that are really just hotels. Culper Research released a similar short report the same day, agreeing with Hindenburg that shares are worthless. As a result, SOS stock plummeted 30% that day alone.
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Source Fool.com