General Motors

Nikola’s hunt for hydrogen station partner stalled – WSJ

Nikola Corp. (NASDAQ: NKLA) promised investors it would name a co-developer for its hydrogen fueling stations by the end of the year. Talks have stalled because of a short seller report attacking the integrity of the company’s founder, The Wall Street Journal reported Wednesday.

The Journal report kept pressure on Nikola’s stock price. Shares were trading 10.84% lower at $25.42 intraday Wednesday. They have plummeted from their intraday high of $93.99 on June 8, a few days after going public in...

https://www.freightwaves.com/news/embattled-nikolas-hunt-for-hydrogen-station-partner-stalled-wsj

Fast track to public listings dealt a blow amid Nikola fallout

Nikola headquarters

The ongoing fallout over Nikola Corp. (NASDAQ: NKLA) may create some concern about the willingness of investors to pour money into special purpose acquisition companies (SPACs) and weigh further on what has been a down year for initial public offerings (IPOs).

The Phoenix-based designer and maker of battery- and hydrogen-electric vehicles and components finds itself in a tough position shortly after going public in June. The concern stems from a short seller report questioning the validity of...

https://s29755.pcdn.co/news/fast-track-to-public-listings-takes-a-blow

VCs: Nikola scandal won’t stem cash flow to clean-tech startups

Reacting to the stunning series of events that culminated in the resignation of Nikola Corp. (NASDAQ: NKLA) Executive Chairman and founder Trevor Milton on Monday, venture capitalists said the challenges facing the embattled electric truck company call attention to the symbiotic but risky relationship between clean tech startups and special purpose acquisition companies (SPACs), the alternative form of financing Nikola used to go public in June.

Investors said also that the scandal, showing few...

https://www.freightwaves.com/news/vcs-weigh-in-on-nikola-controversy

Investor lawsuits mount against Nikola, founder Trevor Milton

Nikola founder Trevor Milton has resigned

At least three class-action lawsuits have been filed against Nikola Corp. (NASDAQ: NKLA) and its founder and former executive chairman, Trevor Milton, since short seller Hindenburg Research published its damaging report about the electric truck startup on Sept. 10.

The lawsuits claim that Nikola, Milton and other key executives misled investors about the company’s technological accomplishments.

The lawsuits seek to recover damages for Nikola investors after stock prices plummeted following...

https://s29755.pcdn.co/news/investor-lawsuits-mount-against-nikola-founder-trevor-milton

Milton remains a billionaire but surrenders a lot in Nikola exit

Nikola Corp. (NASDAQ: NKLA) founder Trevor Milton is still a billionaire. But he is giving up a lot in his exit as executive chairman. That includes hundreds of thousands of future stock grants and a two-year, $10 million annual consulting gig that paid more than when he was CEO.

Monday’s announcement by Nikola followed FreightWaves’ report of Milton’s departure. The press release described it as a selfless act for the good of the company. The release did not mention a scathing report by short...

https://www.freightwaves.com/news/milton-remains-a-billionaire-but-surrenders-a-lot-in-nikola-exit

Nikola stock down 20% on founder’s departure

Nikola electric truck

Shares of electric truck maker Nikola Corp. (NASDAQ: NKLA) finished the day down nearly 20%, following the resignation of founder and Executive Chairman Trevor Milton on Monday. His resignation stems from concerns over a short seller report questioning the validity of the company’s battery and hydrogen fuel cell claims.

In recent days, the Phoenix-based company has been embroiled in a very public battle with Hindenburg Research and its report, which alleges an “intricate fraud” by Milton and...

https://s29755.pcdn.co/news/nikola-stock-down-20-on-founders-departure

Short seller Hindenburg Research renews attack on Nikola

Hindenburg Research, the short seller that successfully beat down Nikola’s share price by 40%, fired more shots at the beleaguered electric truck startup on Tuesday. Nikola refused to engage amid a report of a possible Securities and Exchange Commission (SEC) inquiry.

Nikola, which hired crisis communications firm Joele Frank, declined to respond to questions about Hindenburg’s renewed attack or a Bloomberg report quoting unnamed sources that the SEC was investigating Nikola. 

The SEC declined to...

https://s29755.pcdn.co/news/short-seller-hindenburg-research-renews-attack-on-nikola

Nikola refutes short seller’s screed, share price rebounds

Nikola Corp. (NASDAQ: NKLA) refuted some specifics of a blistering report by a short seller that questioned the startup electric truck maker’s integrity. After continuing a three-day selloff before the stock market opened Monday, Nikola shares began rebounding.

The catalyst for the decline is a 67-page report by Hindenburg Research, which makes money by betting the stock price of companies it targets will fall. Short sellers borrow shares, sell them when the price drops, then buy them back to...

https://www.freightwaves.com/news/nikola-refutes-short-sellers-screed-share-price-rebounds

Short seller publishes blistering takedown of Nikola

Hindenburg Research, which makes money betting against companies with high stock prices, issued a blistering report Thursday on Nikola Corp., alleging an “intricate fraud” by founder Trevor Milton including at businesses he set up and exited in the past decade.

Hindenburg claims it uncovered dozens of lies and misrepresentations by Milton, who founded Nikola (NASDAQ: NKLA) in 2014 after selling a natural gas truck fueling business to Worthington Industries (NYSE: WOR). Mark Russell, who retired...

https://www.freightwaves.com/news/short-seller-publishes-blistering-takedown-of-nikola

Nikola founder drops another 1 million shares on employees

Nikola Corp. (NASDAQ: NKLA) founder Trevor Milton is giving away more of his stock.

Two weeks after dropping 6 million of his personal shares on about 50 original employees — fulfilling a promise made at a Christmas party in 2017 — Milton is giving a six-figure gift to each of the rest of his 350 employees of the electric truck startup.

No press release like last time. Just a tweet from Milton.

“A complete surprise for everyone. … A lot of happy employees here in Phoenix,” a company spokeswoman...

https://s29755.pcdn.co/news/nikola-founder-drops-another-1-million-shares-on-employees

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