In short: The second new short, on promoter history rather than valuation: "another short, DFNS, which is a shell company run by Manny Shalom, which pivoted from FinTech to defense, and has very little revenue at 3.6 million. So it likely could be a fraud. He's done a squeeze and dilute type of thing with SPACs in the past."
DFNS is a shell company — a listed vehicle with almost no business inside it, $3.6 million of revenue — that recently announced it was pivoting from financial technology into defence, the hottest narrative available. Singh's short thesis is about the person running it rather than the numbers: the same promoter has previously used blank-cheque companies to engineer a squeeze in the share price and then issue new shares into it, which enriches the insider and dilutes everyone else.
His language is unusually direct — "it likely could be a fraud." The repeatable screen here is: a shell, a fashionable pivot, negligible revenue, and a promoter with a documented pattern.
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