AlphaTON stock tumbles after Anduril CEO denies investment claims

Investing.com -- AlphaTON Capital Corp (NASDAQ: ATON) stock plunged 16.9% Wednesday after Anduril Industries CEO Palmer Luckey publicly refuted the company's claims of a strategic investment in his defense technology firm.

In a post on social media platform X, Luckey directly accused AlphaTON of dishonesty, stating: "AlphaTON is lying. This is not true. Public heads up to CEO Brittany Kaiser, you do not have permission to use my trademarks to defraud your investors."

The sharp denial comes just one day after AlphaTON announced what it called a "historic strategic $30 million investment" in Anduril Industries. In that announcement, AlphaTON claimed it had become "the first public company to hold the defense technology leader's equity in treasury reserves" and outlined plans to launch a $100 million tokenized fund via a Telegram mini-app.

AlphaTON, which describes itself as "the world's leading technology public company scaling the Telegram super app," had presented the purported investment as positioning the company "at the forefront of next-generation defense technology infrastructure."

The company's CEO Brittany Kaiser had characterized the supposed deal as "a watershed moment" that would place AlphaTON shareholders "at the nexus of the most critical technology infrastructure of our time."

Anduril Industries, founded by Palmer Luckey, develops autonomous systems, artificial intelligence, and advanced hardware solutions for national security applications. The firm has gained prominence in the defense technology sector for its innovative approaches to military and security challenges.

The contradiction between AlphaTON's claims and Anduril's denial raises significant questions about the veracity of AlphaTON's announced strategic initiatives, resulting in today's sharp stock decline.

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