By Ben Glickman
Shares of GigaCloud Technology rose Monday after the company pushed back on claims made in a short-seller report.
The stock was up 10% at $9.58 in afternoon trading. Shares are up 67% this year.
The Walnut, Calif.-based B2B solutions provider described claims in a Sept. 28 short-seller report as “misleading and self-serving.”
The company pushed back on the claims that it didn’t have enough employees to run its warehouses and operations, pointing out that it uses third-party staffing agencies and contractors.
GigaCloud said its cash balance as of June 30 was $181.5 million. The short-seller report questioned the company’s cash reserves.
The company also said that the report misunderstood GigaCloud’s delivery service, and that it uses a combination of its own trucks and third-party delivery providers.
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