Why CleanSpark's Stock Is Trading Lower Today

CleanSpark Inc CLSK shares are trading lower Thursday following a short report from Culper Research. The report claims "CleanSpark has habitually lied about its supposed customers and contracts, many of which we've found simply do not exist."

Cleanspark offers software and intelligent controls for microgrid and distributed energy resource management systems and design services. The company provides advanced energy software and control technology that allows energy users to obtain resiliency and economic optimization.

Its software is capable of enabling a microgrid to be scaled to the user's specific needs and can be widely implemented across the commercial, industrial, military, agricultural, and municipal deployment. The company's operating segment include Energy and Digital Agency. It generates maximum revenue from the Energy segment.

Cleanspark's stock traded lower by 10.3% to $35.28 at the time of publication.