Abaxx Calls for Probe, Hires Paul Weiss After Short Seller’s Attack

Abaxx Technologies Inc. requested on March 18, 2024, that Canadian market regulators investigate potential manipulative trading in its stock. The company has also engaged the law firm Paul Weiss to assist in its response to a short-selling report published by Viceroy Research. Viceroy Research released a report on March 13, 2024, alleging that Abaxx's "core business" is "largely a fiction" and that the company has "no viable path to profitability." The short seller further claimed that Abaxx's "real business" is its "cash burn" and that the company has "no real product." Abaxx has denied these allegations, stating that Viceroy's report contains "false and misleading statements" and that the company is "confident in its business model and its prospects." The company's stock price fell by approximately 30% following the release of Viceroy's report. Abaxx stated that it is committed to transparency and will cooperate fully with any regulatory investigation. The company's shares are traded on the Nasdaq Capital Market under the ticker symbol ABXX.