Fisker said in a press release that the company has no bank guarantees with Magna Steyr’s manufacturing partner, an Austrian unit of Magna International Inc (MG.TO). The press release is a response to a report by short-seller Fuzzy Panda Research.
Fisker said it intends “to take immediate and aggressive action to address the false and misleading claims made by Fuzzy Panda Research,” adding that it owns the intellectual property for the Fisker Ocean Platform.
Fisker shares were up 0.5% in extended trading, after dropping nearly 5% following the short-seller report.
In a report disclosing an undetermined short position on Thursday, Fuzzy Panda Research said Fisker’s access to its funds was limited by bank guarantees that set a minimum cash balance.
The short seller added that nearly all of Fisker’s $825 million of cash is “tied up” in collateral to Magna Steyr.
The guarantee includes Fisker paying for Magna’s tooling costs as well as manufacturing margins and direct production costs, the salesperson said briefly, citing interviews with former employees.
Magna did not immediately respond to a request for comment.
Fisker is the latest target of Fuzzy Panda Research, which has previously issued reports on EVgo Inc (EVGO.O), Workhorse Group Inc (WKHS.O) and now bankrupt Electric Last Mile Solutions.
Fuzzy Panda Research also said that Fisker had sold stock to raise cash and pay expenses instead of funding operating losses using its cash balance.
“We think Fisker’s asset-light business model could be better described as heavy-liability,” he said.
Fisker, which went public in 2020 via a $2.9 billion blank check merger, began building the Ocean SUV at Magna Steyr last month.
Fisker shares have lost about half of their market value this year amid a broader market sell-off and as investor sentiment soured for the loss-making electric vehicle startup.
