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  "documentTitle": "QuantumScape (QS)",
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  "authorName": "Scorpion Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-04-15 00:00:00",
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  "notes": "Uses a precedent (INFN) to predict a negative outcome for the target (QS).",
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      "text": "Infinera strikes us as a classic VC pump and dump, and it appears the band is back together for an encore.",
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      "text": "INFN stock chart for 2007/2008 – lock up expired Dec 2007",
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      "text": "stock price: 50%",
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      "text": "The largest holders of Quantumscape’s stock are its venture capital/private equity backers and insiders – sitting on ~120MM shares or ~30% of the company. At a $15B market cap, we expect they will be trigger happy to cash in when the lock up expires – much like the PIPE holders on Jan 4th.",
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      "kind": "source-note",
      "text": "Source: Yahoo finance stock chart; CapitalIQ data",
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      "text": "QS holders by type - ~30% are insiders and VC/PE firms sitting on massive gains",
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      "text": "Infinera strikes us as a classic VC pump and dump, and it appears the band is back together for an encore. Khosla’s firm and other key INFN holders at IPO - venture capitalists who got in early - appear to have aggressively dumped 100% of their stock within 5 months at lockup expiration, driving the stock down 50%. We believe the same pattern is imminent at QS.",
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      "kind": "title",
      "text": "1) Introduction to Quantumscape",
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