Hycroft Hints at a Share Buyback in New Update
Hycroft Mining (NASDAQ:HYMC) CEO Diane Garrett has hinted at a share buyback in a new update to shareholders on Thursday.
The CEO says that although insiders are restricted from purchasing HYMC stock today due to what’s known as a ‘blackout’, that she would be buying the stock now at these prices if she were able to.
A blackout occurs when insiders have information that has not yet been disclosed to the public.
“This board and management are 100% behind this company.
We are believers in it and we are passionate about it.
That’s why we joined in the first place.
The other thing we get asked is if we’re going to do a share buyback.
Well, we are discussing that because we are looking at how ridiculous our shares are valued right now in the market.
But you’ll have to stay tuned for more information on that once the board makes an ultimate decision,” said the CEO.
HYMC stock is down more than -14% this year-to-date.
Diane Garrett also addressed the naked short selling problem to shareholders in today’s update.
See below.
[stock_market_widget type=”chart” template=”basic” color=”#5679FF” assets=”HYMC” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” display_currency_symbol=”true” api=”yf”]
HYMC on Naked Shorting and Illegal Activity
CEO Diane Garrett also addressed shareholders’ concerns about the strong possibility of illegal trading activity in HYMC stock.
On July 13, the company announced that it has opened a new investigation against illegal trading.
“To date, ShareIntel’s analysis has identified reporting imbalances in Hycroft’s shares which may be the by-product of non-compliant or abusive short selling activity.”
“Based on the findings of ShareIntel’s analysis to date, we are deeply concerned that Hycroft may have been the target of a market manipulation scheme involving illegal short selling, said the report.
The CEO followed up with the following statement today 7/20:
“Many of you have suspected some type of shorting or market manipulation going on with our shares.
We have been working for quite some time with ShareIntel on this.
Many of you thought we weren’t doing anything about it, but trust me, we take this very seriously and we have been working on it, but we weren’t going to disclose something until we had the information and the proof to be able to communicate that to you.
So, we are working very diligently to get to the bottom of this and I just want you to know that you have the full commitment of this management and this board to protect our shareholders and to make sure that we put a stop to any kind of activities that are occurring in our share price that are not appropriate.”
The company said that it has been working with Shareholder Intelligent Services, LLC (“ShareIntel”) for several months to review the trading of the Company’s common stock in order to track, identify, and monitor for potentially illegal short selling activities and deploy solutions to help combat any such activities.
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