BioTech

Short-seller Muddy Waters takes aim at Nano-X Imaging after Citron

U.S.-listed shares of Israel's Nano-X Imaging Ltd fell nearly 20% on Tuesday after short-seller Muddy Waters joined Citron Research in raising doubts over the company's diagnostic product.

Sept 22 (Reuters) - U.S.-listed shares of Israel's Nano-X Imaging Ltd NNOX.O fell nearly 20% on Tuesday after short-seller Muddy Waters joined Citron Research in raising doubts over the company's diagnostic product.

Muddy Waters likened the company to Nikola Corp NKLA.O, whose founder Trevor Milton stepped down on Monday amid scathing reports from short-sellers.

"We conclude that NNOX (Nano-X) has no real product to sell other than its stock," Muddy Waters said in a report on Tuesday.

Nano-X Imaging did not immediately respond to a Reuters request for comment.

Shares in Nano-X Imaging, which had been on an upward run since their market debut in August, took a hit last week after Citron said the stock was headed towards $0 and called the company a "stock promotion".

Citron's comments focused on the company's Nanox System, which comprises a digital X-ray device and cloud-based software that will be designed to provide an end-to-end medical imaging service.

The company had said Citron's allegations were without merit and it would provide information on the report "as appropriate".

Its shares were down 19.2% to $23.3 before the opening bell on Tuesday.

(Reporting by Manas Mishra in Bengaluru; Editing by Maju Samuel)

((Manas.Mishra@thomsonreuters.com; www.twitter.com/Manasmishra24; within U.S. +1 646 223 8780, outside U.S. +91 806749 2709;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

NNOX NKLA

Latest Technology Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More