Citron Research Updates Ener1 (AMEX:HEV)
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In a previous report, we explained how Delphi sold their 19.5% stake in EnerDel for $27 million in cash and stock, pegging EnerDel’s value at around $1 a share. And note that, in selling it to Ener1, we note an absence of any other strategic buyers at a higher price. Yet, even $1 a share is inflated compared to the mountains of cheap stock that management has been able to acquire in the company over the years, the cost basis of which Citron believes to be at well under .50 a share.