(Photo by Alexi Rosenfeld/Getty Images) Getty ImagesKey FactsHindenburg Research, a research firm that focuses on alleged corporate fraud and malfeasance, characterized the $1.8 billion market cap PureCycle in a Thursday report as a “zero revenue” charade. A PureCycle spokesperson told Forbes by email: “We remain confident in our people, our technology, and our long term growth strategy. In 2019, Time magazine praised PureCycle’s patented technology as one of the top 100 inventions of the year. PureCycle has also projected generating annual net revenues of $224 million in fiscal 2023, and $2.3 billion by 2027. But Hindenburg indicated that it couldn’t find any “scholarly journal citing or reviewing” PureCycle’s licensed process, adding that other plastics companies were dubious about the firm’s product and financial projections.

Source: Forbes May 07, 2021 12:33 UTC