Blue Orca short Stem, says ‘has all landmarks of failed SPAC’

Blue Orca is short Stem, saying in a recently published report that it has "all the landmarks of a failed SPAC: its COO quit, it wildly missed its near-term pre-SPAC revenue and profit projections, its auditor has repeatedly warned of deficient internal controls, it’s deeply unprofitable, and it hemorrhages cash." "Yet STEM continues to trade at a high valuation on its claim that its special AI enabled software platform has a growing pipeline of high-margin, long duration, and recurring software revenues. This is nonsense," the report reads. "Our extensive due diligence has uncovered that undisclosed to investors, STEM is financing its flagship customer to purchase energy storage systems from STEM. Rather than a ‘big win’ and proof that STEM could compete for big utility scale projects, we think STEM won its supposed flagship deal by surreptitiously paying for it." In morning trading, shares of Stem have dropped over 5% to $8.46. Reference Link