Spruce Point Capital Is Betting Against Remitly Global Stock, Short Seller Says Shares Could Fall To $9 Amid 'Tectonic Shift' Across Industry
1. Spruce Point Capital initiates a short position against Remitly Global, RELY. 2. The report claims manipulated reviews and unreliable accounting practices raise skepticism. 3. Recent executive departures and internal control weaknesses since 2021 IPO are highlighted. 4. Potential immigration policy changes and stablecoins pose significant headwinds for Remitly. 5. Spruce Point suggests RELY shares should trade between $9 and $12, indicating overvaluation.