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  "documentTitle": "IperionX Ltd. (IPX)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-11-12 00:00:00",
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      "kind": "callout",
      "text": "In October 2025, an ASX filing revealed that 6.6m shares are pledged but no corresponding disclosure was made to the SEC.",
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      "text": "In February 2024, the SEC notified IPX in a comment letter that it has been filing reports with the Australian Securities Exchange (“ASX”) that have not been filed with the SEC. In June 2024, IPX disclosed in an SEC filing that CEO Arima had pledged 1.25m shares as collateral for a margin lending facility. No further SEC filings have been made to update this disclosure. In October 2025, an ASX filing revealed that 6.6m shares are pledged but no corresponding disclosure was made to the SEC.",
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      "kind": "source-note",
      "text": "Source: SEC filed 6-K, ASX filing; SEC Comment Letter and IPX response. Red underline Spruce Point",
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      "text": "Comparison of ASX filing (Oct 2025) vs SEC filing (June 2024) regarding pledged shares.",
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      "kind": "title",
      "text": "Doubling of Pledged Shares By CEO Without Making An SEC Disclosure",
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