Posted 2/14/2024, 12:34:33 AM
Report Alleges AI Shell Game at Renovaro Biosciences, Sparking Stock Drop and Questions on Founder's Past
- Hindenburg Research published a report alleging Renovaro Biosciences and its merger with GEDi Cube is an "AI shell game", causing Renovaro's stock to drop 42%
- Hindenburg claims GEDi Cube founder Serhat Gumrukcu has a history of legal issues, including arrest for an alleged murder-for-hire plot
- The report states GEDi Cube's claimed $225 million valuation is "clearly absurd" and its touted Nvidia partnership is a free program open to over 17,000 companies
- Gumrukcu was previously a magician in Turkey named "Dr. No" while claiming to study medicine in Russia, according to Hindenburg
- Despite Gumrukcu's legal troubles, he and his husband still own 28% of Renovaro shares worth selling amid mounting litigation costs, the report says