SharonAI Shares Drop 6% After Bleecker Report

SharonAI Holdings (NASDAQ: SHAZ) fell 6% on Thursday after Bleecker Street disclosed a short position and issued a critical report.
The report challenged a $1.25 bn five‑year contract with ESDS, citing its $39.9 m FY2025 revenue, $69.5 m assets versus $140 m annual letters of credit.
Bleecker flagged ESDS’s reliance on Gazprombank, an OFAC‑sanctioned Russian bank, which contributed about 20% of ESDS’s FY2025 revenue.
The report noted SharonAI’s $500 m USD.AI debt facility, a $350 m Oaktree note at 6%, and an $11.5 m lawsuit against CEO James Manning.