Contrarian Corpus
Spruce Point Capital vs. Plug Power Inc.

Plug Power Inc. · PLUG

1 deck published between 2019-12-19 and 2019-12-19 — 40 pages, 40 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2019-12-19 initial thesis

    2019 12 64e7a2f6c5a049723c21314b_plug_research_thesis_12 19 2019

    40pp · full_deck

    Plug Power's $1.5B valuation rests on a fake 'inflection to profitability' manufactured by ASC 842 lease accounting; strip the add-backs, face 80% dilution, and the stock trends to $0.