Electric-truck makers Nicola Corp and BP have been accused of misleading investors. P.L.C. Conversations between several potential partners, including, have stalled, people familiar with the matter said.
The shock is the first external indication that the onset of controversy surrounding the report affects its ability to implement its business plan.
Nicola officials felt they were making progress toward finalizing an agreement with at least one major energy giant, while a serious report was released by short-seller Hindenburg Research casting doubt on statements about the company and its technical readiness.
The conclusion of the deal was thwarted, people said, as Nicola responded to the allegations made in the short seller’s report, which led the Phoenix-based startup to be false and misleading.
Potential partners have shown reluctance to move forward during further investigations, but the deal could still be done together, people said.
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