Electrical-vehicle maker Fisker mentioned on Thursday that it doesn’t have a financial institution assure with manufacturing associate Magna Steyr, the Austrian unit of Magna Worldwide, in response to a report by short-seller Fuzzy Panda Analysis.

Fisker mentioned it intends “to take quick and aggressive motion to handle the false and deceptive claims made by Fuzzy Panda Analysis,” including that it owns the mental property for the Fisker Ocean platform.

In a report disclosing an unspecified brief place earlier on Thursday, Fuzzy Panda Analysis mentioned Fisker’s entry to its funds is restricted by financial institution ensures that set a minimal money stability.

The short-seller added that almost the entire $825 million Fisker has in money “is tied up” in ensures to Magna Steyr.

The ensures embody Fisker paying for Magna’s tooling prices in addition to manufacturing margins and direct manufacturing prices, the brief vendor mentioned, citing interviews with former workers.

Magna didn’t instantly reply to a request for remark.

Fisker is the newest goal of Fuzzy Panda Analysis, which has beforehand issued reviews on EVgo, Workhorse Group and now bankrupt Electrical Final Mile Options.

Fuzzy Panda Analysis additionally mentioned that Fisker has been promoting shares to boost money and pay bills as an alternative of funding working losses utilizing its money stability.

“We expect Fisker’s asset-light enterprise mannequin might be higher described as liability-heavy,” it mentioned.

Fisker, which went public in 2020 by a blank-check merger that valued it at $2.9 billion, began manufacturing its Ocean SUV at Magna Steyr final month.

Fisker’s shares have misplaced about half their market worth this yr amid a wider market selloff and as investor sentiment sours in the direction of money-losing electric-vehicle startups.