Overview
- A short report by Fuzzy Panda published in mid-May accused T1 Energy of FEOC noncompliance, questioned an IP sale to Singapore’s Evervolt, and alleged $41.4 million in improperly booked 45X tax credits.
- Roth Capital’s Philip Shen publicly called the report misleading and urged investors to “buy the dip,” saying the Evervolt transaction was bona fide and that booking credits as non-cash offsets can be standard when receipt is reasonably assured.
- Heavy option activity and a surge in share volume on May 20–21 produced an apparent short squeeze that pushed the stock sharply higher and then produced rapid intraday swings as momentum cooled.
- A 13F filing showed Situational Awareness bought a multi-percent stake, giving the rally institutional credibility, but no regulatory audit or IRS determination has been reported to resolve the compliance or documentation disputes.
- The company says its Milam County cell factory will be online by end of 2026 while the short seller’s drone footage and an industry expert suggest delays to 2027, a gap that could affect eligibility for IRA/45X credits and the project’s $225 million financing needs.