(Reuters) – Shares of XL Fleet Corp, which provides electric drive systems to enhance vehicle fuel economy, fell more than 16% on Wednesday after U.S. short-selling firm Muddy Waters said it has taken a short position in the company’s stock.
XL Fleet did not immediately respond to a request for comment. (https://bit.ly/3sOwQG6)
The company went public toward the end of 2020 through a merger with a blank check company in a deal that valued it at $1 billion.
XL Fleet provides electrified power-train solutions for U.S. and Canadian commercial fleet vehicles built by companies including Ford Motor Co, General Motors-owned Chevrolet and Isuzu Motors.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta)
