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QuantumScape might pursue authorized motion after coming beneath assault in a scathing report launched by activist short-seller Scorpion Capital.
“We’re completely going to have a look at that,” Jagdeep Singh, chief government of QuantumScape, stated when CNBC’s Jim Cramer requested if the corporate would take into account submitting swimsuit towards the agency.
“A number of the factors in there are simply, simply absurd. Absurd to the purpose the place there are… issues that we might wish to take authorized motion on.”
Singh appeared on “Mad Cash” Friday, sooner or later after Scorpion revealed the brief report. Within the 188-page report, Scorpion accused QuantumScape — which grew to become public in November by a blank-check merger — of working as a “pump and dump SPAC.” It even in contrast the corporate to Theranos, the disgraced well being tech startup.
QuantumScape shares dropped greater than 12% after the data was launched. The inventory fell once more on Friday, contributing to a 28% decline in lower than two weeks.
“We do not wish to get too distracted both, however you realize, we really feel fairly good about the place we’re,” Singh stated.
The battery firm stated it stands by the information it introduced to traders and can proceed to construct a battery for its prospects, reminiscent of Volkswagen, which lately invested one other $100 million within the firm.
QuantumScape argued that Scorpion was motivated to publish the report as a result of it stands to learn financially from the next drop in share worth. Traders who search to show a revenue on a extreme decline in a inventory worth are generally known as short-sellers.
“We have been all the time fairly clear about what we’ve and the work that is still to be carried out,” Singh stated. “That is one of many issues, frankly, that we satisfaction ourselves on. We expect we have been probably the most clear of any solid-state battery firm.”
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