GFL Environmental Inc. is firing back at short-seller Spruce Point Capital Management. In a release Tuesday, the waste collector described Spruce Point’s thesis as “deeply flawed” and refuted a string of allegations that the investment firm said could cause the stock to go to zero.

"The Board, led by its independent directors and after discussions with the Company's external auditors and consultation with its other advisors, reviewed the short-seller's allegations and found them deeply flawed and singularly meant to inflict damage to the Company's business, its leadership and its shareholders," wrote GFL lead independent director Dino Chiesa in the release.

In a report last week, Spruce Point attacked GFL’s roll-up acquisition strategy and questioned the company’s ability to continue as a going concern without an injection of fresh capital. It also raised concerns about GFL’s ability to complete the acquisitions of Waste Management Assets and WCA Waste. Those moves would help the company expand its footprint in the United States. GFL said it expects to close those acquisitions by the end of the fourth quarter of 2020.

Vaughan, Ont.-based GFL also announced it had closed an upsized offering of US$750 million worth of senior notes. The net proceeds of the offering are earmarked for general corporate purposes, including potential acquisitions.