2CRSi SA: 2CRSi explains Grizzly's 'short-biased' strategy

DJ 2CRSi SA: 2CRSi explains Grizzly's 'short-biased' strategy

2CRSi SA 
2CRSi SA: 2CRSi explains Grizzly's 'short-biased' strategy 
19-Jun-2026 / 15:08 CET/CEST 
Dissemination of a French Regulatory News, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
=---------------------------------------------------------------------------------------------------------------------- 
  
 
Press Release 

2CRSi explains Grizzly's 'short-biased' strategy 

Information and Q&A webinar: 19 June 2026 at 6.00 pm 

Strasbourg, France - June 19, 2026 - 2CRSi (ISIN: FR0013341781), a designer and manufacturer of high-performance and 
energy-efficient servers, intends to set the record straight regarding the publication issued by Grizzly Research LLC 
and reminds investors of the author's financial interest in a decline in the Company's share price. 

2CRSi refers to its press release dated June 18, 2026, concerning the publication of a document by Grizzly Research LLC 
("Grizzly Research"). 

This publication forms part of an activist short-selling strategy openly acknowledged by its author: Grizzly Research, 
or parties associated with it, have a direct financial interest in a decline in the share price of the targeted 
company. 

This interest is now documented. According to a net short position disclosure published by the French Financial Markets 
Authority (Autorité des marchés financiers - AMF), "Grizzly Capital Management LP" (operating under the Grizzly brand) 
held, prior to the publication of the report, a net short position representing 0.89% of 2CRSi's share capital, 
corresponding to approximately 200,000 shares. This disclosure is publicly available at the following address: https:// 
bdif.amf-france.org/fr?societes=RS00006601_2CRSi 

Such a strategy is inherently characterized by an immediate asymmetry: the public dissemination of a critical report is 
intended to trigger a sharp market reaction before the targeted company has had an opportunity to provide a full and 
documented response. 

Understanding an Activist Short-Selling Campaign 

For the benefit of all its shareholders, and particularly its individual investors, 2CRSi wishes to explain how such 
campaigns operate. The initiator of such a campaign borrows shares of the targeted company from shareholders or brokers 
in exchange for a fee and immediately sells them on the market. By doing so, it establishes a short position and 
therefore has a financial interest in a rapid and significant decline in the share price, enabling it to repurchase the 
same shares at a lower price and return them to the lender. Its profit corresponds to the difference between the 
initial sale price and the repurchase price, less the borrowing costs paid to the securities lender. 

The publication by Grizzly Research of a highly critical report, combining accurate public information with allegations 
that 2CRSi considers inaccurate or misleading, resulted in an immediate decline in the Company's share price, likely 
amplified by automated trading strategies. It is this decline in the share price - rather than the accuracy of the 
allegations themselves - that determines the economic gain sought by the report's author. 

2CRSi notes that such practices are not illegal per se. Short selling is a lawful and regulated market activity, and 
significant net short positions are required to be disclosed to the French Financial Markets Authority (Autorité des 
Marchés Financiers - AMF) pursuant to Regulation (EU) No. 236/2012. By contrast, the dissemination of false or 
misleading information with the purpose of influencing the price of a financial instrument is prohibited and may 
constitute market manipulation within the meaning of Article 12 of Regulation (EU) No. 596/2014 on Market Abuse 
("MAR"). It is in light of this distinction that 2CRSi intends, through a referral to the Autorité des Marchés 
Financiers, to seek a review of Grizzly Research's publication and will demonstrate the inaccuracies contained therein 
in its forthcoming detailed response. 

In its own disclaimers, Grizzly Research states that its reports express opinions rather than statements of fact and 
that persons associated with it may hold short positions or derivative instruments linked to the securities concerned, 
thereby having a financial interest in a decline in their share price. 

2CRSi believes that this conflict of interest, together with the opinion-based nature of the assertions acknowledged by 
Grizzly Research itself, should be fully taken into account when assessing the allegations made. The Company disputes 
the analytical framework underlying the publication, which it believes relies on interpretations, associations and 
extrapolations that are misleading, and will address these matters comprehensively in a detailed press release to be 
issued later today. 

The immediate impact of Grizzly Research's publication on 2CRSi's share price should not be construed as validation of 
its conclusions. A decline triggered by the publication of a critical report reflects the market's reaction, not the 
accuracy of the allegations. Trading in 2CRSi shares remains suspended in order to ensure that all market participants 
have access to complete, accurate and equal information. 

Finally, an information webinar open to all shareholders and investors will be held today at 6:00 p.m. (CET), during 
which the Company will present its initial responses. 

Inscription 

About 2CRSi 
Founded in 2005 in Strasbourg (France), 2CRSi designs, develops, and manufactures high-performance computer servers and 
innovative solutions for Artificial Intelligence, high-performance computing, and data storage. Committed to a 
responsible and sustainable approach, the group operates across multiple continents and delivers energy-efficient 
technological solutions to sectors including tech, industry, gaming, scientific research, and datacenters. 2CRSi has 
been listed since June 2018 on the Euronext Paris regulated market (ISIN code: FR0013341781) and transferred to 
Euronext Growth in November 2022. 
 
Learn more at https://2crsi.com/ 

Contacts 2CRSi 
2CRSi 
      Seitosei.Actifin                               Seitosei.Actifin 
Jean-Philippe 
LLOBERA 
        Foucauld Charavay                              Isabelle Dray 
 
 
Director France 
        Financial Communication [e-mail]        Press Relations 
      [e-mail]                    [e-mail] 
[e-mail] 
      06 37 83 33 19                                06 85 36 85 11 
03 68 41 10 70 

-----------------------------------------------------------------------------------------------------------------------

Regulatory filing PDF file

File: 2CRSI-CP-20260619-EN-VDEF

=---------------------------------------------------- 
Language:    English 
Company:     2CRSi SA 
         32, rue Jacobi-Netter 
         67200 Strasbourg 
         France 
Phone:      [phone] 
E-mail:     [e-mail] 
Internet:    www.2crsi.com 
ISIN:      FR0013341781 
Euronext Ticker: AL2SI 
AMF Category:  Inside information / Other releases 
EQS News ID:   2350244 
  
End of Announcement EQS News Service 
=------------------------------------------------------------------------------------ 

2350244 19-Jun-2026 CET/CEST

Image link: https://nwr.eqs-cockpit.com/fncls2.ssx?application_id=2350244&application_name=news&site_id=dow_jones%7e%7e%7ebed8b539-0373-42bd-8d0e-f3efeec9bbed

(END) Dow Jones Newswires

June 19, 2026 09:08 ET (13:08 GMT)