Molekule downgraded to Speculative Hold from Speculative Buy at Benchmark

Benchmark downgraded Molekule to Speculative Hold from Speculative Buy after the company reported Q2 results. The company is hoping to raise additional capital, restructure its long-term debt and terminate a lease for a building that is no longer occupied and the firm is lowering its rating until the company can resolve certain issues related to occupancy leases, operating cash burn and indebtedness. However, Benchmark believes for the longer-term that the company has “a strong user base, solid recurring revenues, and an innovative proprietary product line,” the analyst tells investors.