Culper Research disclosed it is short Energy Vault Holdings, which the firm accuses of being “a SPAC brought to market by a collection of serial failures and criminal associates who now claim to have discovered the holy grail of energy storage.” Culper calls the the “Vault” a “ridiculous proposition, unworthy of a high school science fair, let alone the $1.6 billion valuation by which NRGV came to market.” The short-seller adds that “the scientific and economic claims about the Vault hold no grounding in reality and the Company’s order book and financial projections are not to be relied upon. NRGV’s 180-day lock-up expires in the next 3 weeks, and we think shares are going much lower. We have also submitted our research to the SEC prior to the release of this report.” In early trading, Energy Vault shares have fallen 36, or 5%, to $6.21.
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