NIO Inc.'s Internal review says short seller allegations 'not substantiated'

• Nio (NYSE:NIO) says it has completed an independent internal review, which found that the allegations raised by short-seller firm Grizzly Research against it were not Substantiated.

• In July, the Chinese EV maker decided to form an independent committee consisting of independent board directors Denny Ting Bun Lee, Hai Wu, and Yu Long to oversee an investigation into the allegations made in a recent short seller report by Grizzly Research, the company said in a press release.

• The committee retained independent professional advisors to assist with the investigation, including an international law firm and a well-regarded forensic accounting firm, it added.

• Based on the findings of the review, Nio said its committee has concluded that these allegations were not substantiated.

• Elsewhere, the company will allow consumers to reserve the ET5 sedan starting Sep. 09, with first deliveries taking place on Sep. 30, CnEVPost reported on Friday. Customers paying RMB 2,000 to reserve the ET5 now, will get a free Moon-themed option package worth RMB 4,500 and orange calipers worth RMB 3,500.

• U.S.-listed shares of NIO were down 1.39% in Friday's premarket session

• NIO is scheduled to report its second-quarter results on Sep. 07, before the market opens. Analysts project an EPS of-$0.20 and revenue of $1.43B for the quarter.

• Now Read: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against NIO Inc