Kaspi.kz Statement on Misleading short-seller research

Rhea-AI Summary

Kaspi.kz has issued a statement in response to a research report published by Culper Research on September 19, 2024. The company strongly refutes the report, describing it as misleading, inaccurate, and misrepresentative of their business operations. Kaspi.kz attributes the increased scrutiny to their status as the first Kazakhstani company to list on Nasdaq, which has heightened their visibility among short sellers. The company emphasizes its established reputation among long-term investors as a testament to its credibility.

Positive

• First Kazakhstani company to list on Nasdaq

Negative

• Target of a potentially damaging short-seller report

ALMATY, Kazakhstan, Sept. 19, 2024 (GLOBE NEWSWIRE) -- The company is issuing the following statement following the research report published by Culper Research today:

In our view, the report is misleading, inaccurate and misrepresents our business.

Being the first company from Kazakhstan to successfully list on Nasdaq has obviously raised our profile amongst short sellers.

For those investors who have known us over the years, our reputation speaks for itself.

About Kaspi.kz

Kaspi.kz’s mission is to improve people’s lives by developing innovative mobile products and services. To deliver upon this we operate a unique two-sided Super App model – the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants.

Through these Super Apps consumers and merchants can access our leading Payments, Marketplace, and Fintech Platforms. All our services are designed to be highly relevant to users’ everyday needs and enable consumers and merchants to connect and transact, using our proprietary payments network.

The combination of a large, highly engaged consumer and merchant base, best-in-class, highly relevant digital products and a capex lite approach, results in strong top-line growth, a profitable business model and enables us to continue innovating, delighting our users and fulfilling our mission.

Harvard Business School has written two case studies on Kaspi.kz which it continues to teach to its MBA students.

Kaspi.kz has been listed on Nasdaq since January 2024.

For further information david.ferguson@kaspi.kz +44 7427 751 275

Forward-looking statements

Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of Kaspi.kz. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could," "may" or "might", the negative of such terms or other similar expressions. Kaspi.kz wish to caution you that these statements are only predictions and that actual events or results may differ materially. Kaspi.kz does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of Kaspi.kz, including, among others, general economic conditions, the competitive environment, risks associated with operating in Kazakhstan, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to Kaspi.kz and its respective operations.

FAQ

What did Kaspi.kz (KSPI) say about the Culper Research report on September 19, 2024?

Kaspi.kz stated that the Culper Research report published on September 19, 2024, is misleading, inaccurate, and misrepresents their business. The company strongly refuted the claims made in the report.

Why does Kaspi.kz (KSPI) believe it has become a target for short sellers?

Kaspi.kz attributes the increased attention from short sellers to its status as the first company from Kazakhstan to successfully list on Nasdaq, which has raised its profile in the investment community.

How does Kaspi.kz (KSPI) respond to the credibility concerns raised by the short-seller report?

Kaspi.kz emphasizes its established reputation among long-term investors as a testament to its credibility, stating that 'for those investors who have known us over the years, our reputation speaks for itself.'