that doesn't mean its not all smoke and mirrors (or, more likely, that it is some and mirrors). But NKLA's investors and partners would have known most of what is in the Hindenburg research report for months, if not longer. Put another way, it compiles a lot of already-public information in a way that you'd expect a short-sell report to do to create a narrative that justifies (and helps drive) their position.

but who knows? maybe it is Theranos 2.0