Nio, the target of a short-sell report last month, announced Monday that it has formed a special committee of independent directors to oversee an independent investigation regarding the allegations made by Grizzly Research. Nio saw its shares plunge by 11.4% in Hong Kong on June 29. The short-seller questioned Nio’s battery-rental business model and said that the company oversupplied more than 21,000 battery packs in the first nine months of 2021 to a relevant party to boost revenue growth and shift depreciation costs artificially. The Chinese electric vehicle maker has denied the allegations, calling the report “without merit.” [Nio Release]