Greenland Energy Stock Falls After Short Report: 'Uninvestable at Any Price Above Zero'

Greenland Energy Company's stock (NASDAQ: GLND) fell 12.27% to $4.86 following a short report by Fugazi Research, which labeled the stock as 'uninvestable at any price above zero.' The report claims the company raised $70 million without proving oil reserves or generating revenue and criticized its estimate of 13 billion recoverable barrels of oil as overly optimistic. Additionally, concerns were raised about governance issues, including the exit of major backer Citadel from 96% of its common stock position and the recent fines imposed on its auditor, MaloneBailey.