Before building a single vehicle for sale, the valuation of fuel cell electric truck maker Nikola Corp. quadrupled to about $12 billion during a week of frenzied trading in shares of its merger partner.
Double-digit daily upward moves in VectoIQ, the NASDAQ-traded holding company that is acquiring Nikola in a reverse merger, sent VTIQ shares as high as $35.38 early on May 13 compared with a closing price of $14.12 on May 6.
Two events supercharged the share price.
On Friday, May 8, VectoIQ...
https://www.freightwaves.com/news/pre-merger-surge-drives-nikola-value-to-12-billion