‘The progress here is waffle’: IperionX raise reignites the shorts
The dual-listed miner and manufacturer’s latest funding call has irked its loudest skeptic, who is predicting ‘miniscule revenue’ for FY26.
One of the market’s most shorted companies, critical minerals miner and manufacturer IperionX, has sparked a fresh backlash among investors as plans for a USD50 million ($72 million) raise shot down the stock last week.
Shares tanked 14% on Wednesday after the company announced an underwritten public offering of American depositary shares (ADS), taking one-month losses to over 30%.
Long-time cynic Ben Axler, founder and chief investment officer of New York-based short seller Spruce Point Capital Management, was quick to put the company on blast.
“Nice form by IperionX, a company claiming to ‘revolutionize’ the titanium industry in the USA,” Axler wrote in a LinkedIn post.
