Here’s Why Kingdom Capital Advisors Sold Polished.com (POL) Warrants

Kingdom Capital Advisors, a private investment firm, released its fourth-quarter 2022 investor letter. A copy of the same can be downloaded here. The strategy returned 7.19% net of fees in the fourth quarter compared to 7.56% for the S&P 500 and 7.09% for the Russell 3000. The strategy returned 23.21% (net) since inception on January 11, 2022, compared to 40% for the S&P 500 index. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Kingdom Capital Advisors highlighted stocks like Polished.com Inc. (NYSE:POL) in the Q4 2022 investor letter. Headquartered in Brooklyn, New York, Polished.com Inc. (NYSE:POL) is an e-commerce platform. On April 6, 2023, Polished.com Inc. (NYSE:POL) stock closed at $0.4434 per share. One-month return of Polished.com Inc. (NYSE:POL) was -24.35%, and its shares lost 72.96% of their value over the last 52 weeks. Polished.com Inc. (NYSE:POL) has a market capitalization of $48.991 million.

Kingdom Capital Advisors made the following comment about Polished.com Inc. (NYSE:POL) in its Q4 2022 investor letter:

“The situation at Polished.com Inc. (NYSE:POL) was an unmitigated disaster. The company has 1) refused to release financials since March, 2) conducted a five month investigation into undocumented warehouse workers and a CEO charging personal expenses to the business, and 3) was recently fired by their auditor and provided no update on their balance sheet, despite Company press releases that opaquely reference multiple signs of deterioration. The investigation revealed material problems; however, the pace at which the Board has disclosed (or not disclosed) information is inconceivable. We sold our warrants at a significant loss after losing faith in the Board.”

e commerce

ecommerce-2140604_1280

Polished.com Inc. (NYSE:POL) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 9 hedge fund portfolios held Polished.com Inc. (NYSE:POL) at the end of the fourth quarter which was 10 in the previous quarter.

We discussed Polished.com Inc. (NYSE:POL) in another article and shared the list of high growth retail stocks that are profitable. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

Disclosure: None. This article is originally published at Insider Monkey.