GigaCloud Technology Inc Refutes Misleading Claims in Short Seller Report
09 10월 2023 - 8:35PM
GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the
“Company”), a pioneer of global end-to-end B2B ecommerce solutions
for large parcel merchandise, today issued the following statement
in response to certain misleading and self-serving claims made in a
short seller report issued on September 28, 2023 (“the short seller
report”).
- Warehouse
OperationThe short seller report questions the feasibility
of running the Company’s U.S. warehouses and operations with 73
employees, but ignores that the Company utilizes third-party
staffing agencies and contractors to support its warehouse
operations. The Company has disclosed its use of third-party
contractors in the filings made with the Securities and Exchange
Commission.
- Transportation
NetworkThe short seller report includes a number of claims
regarding the Company’s delivery service, but it lacks basic
understanding of the Company’s business and industry in which it
operates. Among other things, the short seller report describes a
single instance of a phone call in which a GigaCloud customer
service representative allegedly said that the Company uses only
GigaCloud trucks for delivery. The Company employs its own trucks
predominantly for white glove services in nine metropolitan areas
in the U.S. and maintains a dedicated customer service team for
such white glove services. GigaCloud customer service
representative might have described this white glove service to
customers in the context of such delivery, and it should not be
misconstrued to suggest that all delivery services are provided in
this manner. For other deliveries, including certain last mile
deliveries, the Company utilizes a network of third-party delivery
providers as disclosed in the filings made with the Securities and
Exchange Commission.
- Cash BalancesThe
short seller report questions the Company’s cash balances. KPMG, an
independent audit firm registered with the PCAOB, has issued an
unqualified opinion on the Company’s consolidated financial
statements in the Company’s annual report on Form 20-F for the year
ended December 31, 2022, including the consolidated balance sheets
as of December 31, 2021 and 2022 and cash balances presented for
the same periods. As of June 30, 2023, the Company’s cash balance
was $181.5 million.
- Related Party
TransactionsThe Company disclosed its related party
transaction in accordance with the Form 20-F rules under the
Securities Exchange Act of 1934 and applicable accounting standards
in the filings made with the Securities and Exchange
Commission.
The Company reiterates that the conclusions in the short seller
report are unsupported and inaccurate. The misleading nature of the
statements made in the short seller report demonstrates a
fundamental lack of understanding of the Company’s business and
industry in which it operates. The Company stands by its previous
statement that the short seller report lacks merit and contains
numerous defamatory and speculative statements. As part of its
continued and unwavering commitment to protecting shareholders’
interests, maintaining high standards of corporate governance, and
providing transparency, the Company’s board of directors have
authorized the Company to engage a reputable independent
third-party to conduct an independent review concerning certain
allegations made in the short seller report. The Company will issue
further responses once the independent review by the third-party
reviewer is completed.
About GigaCloud Technology Inc
GigaCloud Technology Inc is a pioneer of global end-to-end B2B
ecommerce solutions for large parcel merchandise. The Company’s B2B
ecommerce platform, which it refers to as the “GigaCloud
Marketplace,” integrates everything from discovery, payments and
logistics tools into one easy-to-use platform. The Company’s global
marketplace seamlessly connects manufacturers, primarily in Asia,
with resellers, primarily in the U.S., Asia and Europe, to execute
cross-border transactions with confidence, speed and efficiency.
The Company offers a truly comprehensive solution that transports
products from the manufacturer’s warehouse to the end customer’s
doorstep, all at one fixed price. The Company first launched its
marketplace in January 2019 by focusing on the global furniture
market and has since expanded into additional categories such as
home appliances and fitness equipment. For more information, please
visit the Company’s website:
https://investors.gigacloudtech.com/.
Forward-Looking Statements
This press release contains “forward-looking statements”.
Forward-looking statements reflect our current view about future
events. These forward-looking statements involve known and unknown
risks and uncertainties and are based on the Company’s current
expectations and projections about future events that the Company
believes may affect its financial condition, results of operations,
business strategy and financial needs. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “could,” “expect,” “anticipate,” “aim,” “estimate,”
“intend,” “plan,” “believe,” “is/are likely to,” “propose,”
“potential,” “continue” or similar expressions. The Company
undertakes no obligation to update or revise publicly any
forward-looking statements to reflect subsequent occurring events
or circumstances, or changes in its expectations, except as may be
required by law. Although the Company believes that the
expectations expressed in these forward-looking statements are
reasonable, it cannot assure you that such expectations will turn
out to be correct, and the Company cautions investors that actual
results may differ materially from the anticipated results and
encourages investors to review other factors that may affect its
future results in the Company’s registration statement and other
filings with the SEC.
For investor and media inquiries, please contact:
GigaCloud Technology Inc
Greta Tang, PR & IR Manager
Email: greta.tang@gigacloudtech.com
ICR
Ryan Gardella
Email: GigacloudIR@icrinc.com
GigaCloud Technology (NASDAQ:GCT)
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