NexTech AR Solutions Corp (OTCMKTS:NEXCF) (CSE:NTAR) has resumed trading, and the company released a pair of videos unveiling its full technology stack and respondings to what it calls a “short and distort” campaign from Hindenburg Research.
The first video, just under an hour in length, sees CEO Evan Gappelberg rebut a report last week from Hindenburg, which took a short position in the company, and issued a $0 price target for NexTech and accused Gappelberg of promoting “vaporware” products.
The next video gives investors a detailed look at the company's augmented reality technology.
“We have taken the long weekend to prepare the above videos for our shareholders which we believe put to bed any questions from the ‘short and distort’ report,” Gappelberg said in a statement. “We are building a fast-growing technology company with multiple business segments all seamlessly blending together, creating what we believe to be a major force in the AR/VR industry.”
NexTech said it contacted the Investment Industry Regulatory Organization of Canada (IIROC) about “suspicious short trading activity” just before the Hindenburg report was released.
Additionally, the New York- and Toronto-based company has been in touch with OTC Markets about the spamming of its US stock ticker with advertisements from law firms. The company said it has been notified of no lawsuit against it and that it views these press releases as harassment designed to push the company’s stock down.
As a show of faith in NexTech’s augmented reality products, CFO Kashif Malik purchased 5,000 shares and Gappelberg’s wife bought 35,000 shares on the open market last week.
“Coming into the office every day and seeing the team and the developments, leaves no doubt in my mind,” Malik said. “I believe in this company and the bright future we have.”
Shares of NexTech rocketed 23% to C$1.77 on the CSE and 22% to US$1.34 on OTC Markets on Tuesday.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
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