On September 8, 2023, Bleeker Street Research issued a short report alleging issues at SmartRent, including related-party transactions and security issues with the supplier of the company’s Bluetooth locks.
Shares of SmartRent, Inc. fell as much as 9% in intraday trading on September 8, 2023. Then on Monday, September 11, 2023, SmartRent responded to the report, causing SmartRent stock to drop another 9%.
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