Comstock Inc. (NYSE AMERICAN: LODE), an industrial organic chemicals company, issued a statement on Tuesday to address and refute some of the information reported in an article in the Australian Financial Review.
The company said the disputed article, which was not based on any information provided by Comstock Inc., made a number of false claims about the company’s operations and financial plans.
It said the article in question incorrectly reported that the Comstock Inc. subsidiary was seeking a $3.7 billion capital raising and that the company had an exclusive license for operations in Asia Pacific. It also contained erroneous details about potential sites for refinery operations, capital expenditure requirements, feedstock tonnage and projected revenues, the firm said.
Comstock clarified that none of these claims are accurate and that there was no communication between the company and the authors of the article or the publisher prior to its publication. Following the publication of the article, Comstock contacted the authors and the publisher to demand a full retraction of the content.
In other recent news, Comstock, together with its subsidiary Comstock Fuels Corporation, has reported significant results in converting woody biomass into renewable fuels. This breakthrough is the result of the company’s ongoing research and development efforts aimed at decarbonizing global transportation.
The company’s technology has been validated to produce up to 125 gallons per dry ton of renewable fuels, including ethanol, gasoline, renewable diesel and sustainable jet fuel.
InvestingPro Insights
In light of Comstock Inc.’s (NYSE AMERICAN: LODE) recent clarification on media-reported inaccuracies, investors can find additional context in the company’s financial data and market performance. According to InvestingPro, Comstock Inc. has seen significant performance over the past week with a total price return of 14.46%, and an even more notable return over the past month at 71.05%. This suggests a recent uptick in investor confidence following the company’s efforts to address publicized inaccuracies.
Moreover, while analysts do not expect the company to be profitable this year, the recent revenue growth is noteworthy. Comstock Inc.’s revenue has grown by 1413.92% over the trailing twelve months to Q2 2024, which may be indicative of underlying business momentum despite the reported expectation of a net income decline this year. Furthermore, the company’s liquid assets exceed its short-term liabilities, which may be a positive sign of financial stability in the face of operational challenges.
For investors looking for deeper analysis, there are 9 additional InvestingPro tips available, offering a comprehensive view of Comstock Inc.’s financial health and market performance. These insights can be accessed by visiting the InvestingPro platform.
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