Hindenburg Research said on Friday it had taken a short position in Lordstown Motors, sending the electric pickup truck maker's shares down more than 17% in premarket trade.
"Lordstown is an electric vehicle SPAC with no revenue and no sellable product, which we believe has misled investors on both its demand and production capabilities," Hindenburg said.
Lordstown did not immediately respond to a Reuters request for comment.
The company said in January it had received more than 100,000 non-binding production reservations from commercial fleets for its EV truck.
"Our conversations with former employees, business partners and an extensive document review show that the company's orders are largely fictitious and used as a prop to raise capital and confer legitimacy," Hindenburg said on Friday.