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Hexagon AB – Greenbridge Gaslighting

July 24, 2023 – On Sunday, July 23, Greenbridge released a statement[1] in response to Viceroy Research’s report on Hexagon AB: Six Sides to Every Story (the Report).

A copy of the Report can be found in the link below:

This note will dissect Greenbridge’s statement. We remind readers that Greenbridge is substantially owned by Rollén, Schorling, a number of Hexagon insiders, a number of inner circle exclusive Hexagon distributors, and friends of Schorling, who also own Hexagon. It is not difficult to conclude that this response is that of Hexagon.

Again looking after their own self-interest: Hexagon management and Board members have acted to protect the reputation of Greenbridge ahead of issuing a regulated news service response on behalf of Hexagon. Ola Rollén has even retweeted Greenbridge.

  • Viceroy genuinely believed Greenbridge front-ran Hexagon’s Divergent Technologies investment. It seemed somewhat less idiotic than the alternative:
  • Hexagon management have “double-dipped” in Divergent by taking greater personal stakes ahead of Hexagon shareholders. We also note that it appears Greenbridge’s stake appears to have been originally slated to Hexagon.
    • In an apparent faux pas: Divergent initially reported that it expected $200m Series D investment from Hexagon on Dec 8, 2022. A week later, Hexagon reported that it had invested only $100m in Divergent.
    • Mere months later, Greenbridge’s investment vehicle, Blackbird, appears to have invested substantially all of the balance.
    • The Blackbird investment vehicle was created a week before Hexagon’s investment in Divergent for the sole purpose of investing in Divergent.
  • There is no better demonstration of Hexagon management’s spurious understanding of ethics and corporate governance than a claim from Greenbridge, which is owned and controlled by Hexagon insiders, that it is not a related party of Hexagon. It is comical.
  • True to form, Greenbridge end their statement by cherry-picking that “only 3 of the 13 current members of the Hexagon executive management team” are direct shareholders of Greenbridge. While technically true, this does note consider recent resignations of the CEO, CFO, CTO, nor does it consider that board members are not executive management. Greenbridge is substantially owned by Hexagon insiders.

Viceroy stand behind our work. We believe that Greenbridge’s investment in Divergent represents an unjust advantage at the expense of shareholders. The intention of this investment is self-enrichment. It is material. We believe this constitutes fraud.

As we have already reported: we believe Hexagon’s governance failure in an ecosystem where interests of minority shareholders have been largely ignored will be (and should be) subject to intense scrutiny by auditors and analysts alike.

That analysts who have responded to Viceroy’s original reports suggest governance issues are “well-known” and do not see a problem with the brazen conflict of interests presented at Hexagon is a concern in itself. Ethics is literally the capstone of every professional business qualification.



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