Microvast Holdings designs battery components and systems was listed on NASDAQ via a reverse takeover in July 2021. In November 2023, J-Capital Research alleged that most of Microvast's business was fake. The company denied the allegations and highlighted that its manufacturing plant had 2,500 employees. After this rebuttal, J-Capital claimed that while the plant did indeed have many employees, they were only recently hired. After the allegations were made, Microvast published its FY24 annual report audited by Deloitte, and there have not been any director resignations. Therefore, J-Capitals allegations are unproven.

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