|Electrovaya Inc. - EFL.t designs, develops and manufactures proprietary Lithium Ion SuperPolymer® 2.0 batteries, battery systems, and battery-related products for the clean electric transportation, Utility Scale Energy Storage and smart grid power, consumer and healthcare markets.|
The Globe and Mail reports in its Wednesday, Nov. 30, edition that it has been a while since Jerome Hass, portfolio manager at Lightwater Partners, has had as much conviction in a short position as he has with Electrovaya ($2.20). The Globe's Larry MacDonald writes that Mr. Hass's main concern is that the market is overestimating the promise of the company's new technology: lithium-ion batteries for use in electric cars and wind/solar power generation. Mr. Hass also points to a recent development. "As a result of a disclosure review by the Ontario Securities Commission, the company issued a news release on Nov. 8 that 'clarified' many of its 2016 news releases and will require the company to restate some of its financial disclosures dating back to December, 2015," he notes. "We think there are plenty of other interesting stocks in Canada for investors to consider that are not subject to an OSC review," says Mr. Hass. Electrovaya shares have a 52-week range of 63 cents to $4.34.