Despite attacks from short-seller investigative investment firms, the Israeli company's share price is more than double its IPO value in August.
Israeli medical device company Nano-X Imaging Ltd. (Nasdaq: NNOX) saw its share price jump 56.20% on Friday after it announced that it will be presenting a live demonstration of its Nano-X medical imaging system at the Radiology Society of North America 2020 meeting in Chicago starting November 29. The announcement soothed investor sentiment after two US short-seller investigative investment firms - Muddy Waters Research and Citron Research - issued reports last month claiming that Nano-X is deceiving investors and has no serious product.
Based in Neve Ilan near Jerusalem, the company, which was founded in 2012 by CEO Ran Poliakine, a former CEO of Powermat, has developed a lightweight portable CT scan device, which it says will disrupt the medical imaging sector.
After raising $137 million from investors including Korea's SK Telecom, Foxconn, and Fuji, Nano-X raised $190 million in August at a company valuation of $800 million and saw its market cap rise to $2.8 billion at the beginning of September. The market cap fell back after the attacks from Muddy Waters and Citron but has now risen to $1.676 billion, more than double its IPO value.
Published by Globes, Israel business news - en.globes.co.il - on October 4, 2020
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Ran Poliakine / Photo: LUZ Corporate Photography