The Endurance electric van from Lordstown Motors Corp. is shown during a presentation event in Lordstown, Ohio, USA, on Thursday, June 25, 2020.
Matthew Hatcher | Bloomberg | Getty Images
Hindenburg Research said on Friday that it had taken a short position in Lordstown Motors, and sent the shares of the electric pickup truck manufacturer to more than 17% in the premarket trade.
“Lordstown is an electric vehicle SPAC with no revenue or marketable product, which we believe has misled investors in both its demand and its production capabilities,” Hindenburg said.
Lordstown did not immediately respond to a request for comment from Reuters.
The company said in January it had received more than 100,000 non-binding production reserves from commercial fleets for its EV truck.
“Our conversations with former employees, business partners and extensive document review show that the company’s orders are largely fictitious and used as a point to raise capital and confer legitimacy,” Hindenburg said on Friday.