{ "docId": "019dd923-622c-750b-8b9a-32b620517ee9", "docSlug": "2ec39f20dd86", "documentTitle": "QuantumScape (QS)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-04-15 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 9, "pageCount": 188, "prevPage": 8, "nextPage": 10, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 3, "notes": "Uses a screenshot of a CNBC interview to highlight a perceived lie by the CEO regarding lock-up expirations.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "callout_box", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-32b620517ee9/9", "deckHref": "/decks/019dd923-622c-750b-8b9a-32b620517ee9", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-32b620517ee9.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-32b620517ee9#slide-9", "components": [ { "bbox": { "h": 0.25, "w": 0.45, "x": 0.51, "y": 0.45 }, "kind": "callout", "text": "CEO appears to mislead CNBC's audience by saying no lockups have expired. The PIPE shares were not technically under a “lockup” but the company was required to register them for re-sale, which it did effective Dec 31, prior to which they couldn't be sold – in reality identical to a lockup expiry.", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f37e1563-f505-4cb0-8604-096827ed8b6a", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "CEO appears to mislead CNBC’s audience by saying no lockups have expired. The PIPE shares were not technically under a “lockup” but the company was required to register them for re-sale, which it did effective Dec 31, prior to which they couldn’t be sold – in reality identical to a lockup expiry.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-f5d0-745c-bec8-974d37712894", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.38, "w": 0.44, "x": 0.04, "y": 0.45 }, "kind": "image", "text": "CNBC interview screenshot", "attrs": null, "subkind": "screenshot", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "02ebd0ea-bbae-478e-9d95-e9b2fbf14602", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.32 }, "kind": "paragraph", "text": "The CEO appeared on CNBC on Jan 4th where he was grilled on why the stock crashed. He vaguely alluded to a registration statement being made effective regarding resale of the “PIPE Shares” but otherwise played dumb by using a legalistic interpretation of “lockup.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "00cfdf78-244f-4052-ab87-e76440de4ab0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.04, "y": 0.06 }, "kind": "paragraph", "text": "The blitz, we believe, reflects a fear of the stock's fragility when the lock-up expires. On two consecutive trading days - Dec 31 and Jan 4 - the stock crashed ~50%. The sudden move was a mystery to most, including the financial media. The reason, we believe, was simple: holders of 50MM SPAC “PIPE Shares” became eligible on Dec 31 to dump their stock, which we believe they did with haste at the next open. The CEO played dumb on CNBC. Shares haven't recovered.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7a1a5454-f4d1-474f-97db-e7ef2c1ccaf8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.45, "x": 0.51, "y": 0.72 }, "kind": "quote", "text": "“There are no lockups have expired. Everybody is still locked up the way they were supposed to be.” – QS CEO, Jan 4", "attrs": null, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "81f37ad9-2525-4d54-9307-e1a55931b65f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.04, "y": 0.87 }, "kind": "source-note", "text": "Source: QS SEC filings and registration statements", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e8d5955a-fe11-4040-b22a-38cdc09b69e7", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.26, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "1) Introduction to Quantumscape", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e7c6ba79-a6c7-4c23-b23d-b6e126de12bf", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "3ccccf55-1666-42e0-9df6-22f82f7606eb", "evidence": "Contrasts CEO statement with market reality", "confidence": 0.9 } ], "arcBeats": [ { "to": 150, "from": 7, "beatId": "bb56e2cc-71d0-4a88-adf5-a740e3b3215c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Critique of Quantumscape's claims and technology", "beatSlug": null, "evidence": "The document presents a detailed critique of Quantumscape's claims and technology.", "position": 0, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null }, { "to": 149, "from": 8, "beatId": "f51b8fe3-6117-425f-a2bb-d0457528eb59", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Exposure of contradictions and red flags in Quantumscape's data", "beatSlug": null, "evidence": "The document highlights multiple contradictions and red flags in Quantumscape's data.", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }