Microvast hits over six-month low after J Capital's short position

Microvast Holdings

21/11/2023 16:24

** Shares of Microvast  MVST.O  fall 17.31% to $1.08
    ** J Capital reveals short position on lithium battery maker
    ** "We think the majority of its China sales may be fake,"
the short-seller says, adding MVST's Chinese customers account
for 57% of revenue in 2023, but the China factory shows almost
no activity
    ** "We suspect MVST knew a DOE (U.S. Energy Department) $200
mln grant for a U.S. factory addition had been rescinded but
failed to inform investors until the information hit Reuters
months later, and MVST had no choice but to disclose" - J
Capital
    ** Microvast did not immediately respond to Reuters' request
for a comment
    ** Reuters could not independently verify the contents of
the report
    ** Stock dips to lowest level since May 4 and posts biggest
one-day decline in six months
    ** Shares down 28.1% YTD    
   

 (Reporting by Evelyn Nikhila S)
 ((Evelynnikhila.s@thomsonreuters.com))