Securities and Exchange Commission

Renewed: Nikola and Trevor Milton’s soap opera 

No one asked for another season of the soap opera featuring Nikola Corp. and its convicted founder, Trevor Milton. But here we are.

Heigh- ho, heigh-ho, it’s off to court we go

When last we left the ongoing drama that is Nikola Corp. and its convicted founder, Trevor Milton, the fuel cell truck and hydrogen fuel distribution company had been unable to collect on a $167.7 million arbitration award in November. Milton moved in January to get the award overturned.

Last month, Nikola sued Milton in...

https://www.freightwaves.com/news/renewed-nikola-and-trevor-miltons-soap-opera

Will natural gas payback beat EV adoption?

The confluence of a new, bigger engine, net-zero carbon emissions from renewable natural gas (RNG) and pressure from shippers for their carriers to operate sustainably add up to a bright picture for natural gas adoption.

But a new study from the North American Council for Freight Efficiency (NACFE) points to a couple of cautions. First is methane leakage from the source of the RNG. Methane escaping into the atmosphere is a huge contributor to planet-warming greenhouse gas.

Second, and most...

https://www.freightwaves.com/news/will-natural-gas-payback-beat-ev-adoption

SEC smackdown and SuperTruck news overwhelm convention dispatches  

The annual Work Truck Week and American Trucking Associations Maintenance & Technology Council pile on stakeholder-specific dispatches each March. But this week bigger stories originated outside the convention halls in Indianapolis and New Orleans.

The Securities and Exchange Commission in Washington is as good a starting point as any.

Lordstown Motors gets an SEC comeuppance

Nearly three years after Hindenberg Research set its sights on Lordstown Motors Corp., accusing the former special purpose...

https://www.freightwaves.com/news/sec-smackdown-and-supertruck-news-overwhelm-convention-dispatches

No signs of panic as Nikola gets 2nd Nasdaq delisting warning

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

Nikola Corp.’s languishing share price prompted the Nasdaq to threaten the electric truck maker with...

https://www.freightwaves.com/news/no-signs-of-panic-as-nikola-gets-2nd-nasdaq-delisting-warning

Autonomous truck developer TuSimple going private

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

TuSimple, the first autonomous trucking startup to go public, is voluntarily delisting from the...

https://www.freightwaves.com/news/autonomous-truck-developer-tusimple-going-private

Nikola founder sentenced to 4 years on fraud convictions

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

Nikola Corp. founder Trevor Milton was sentenced to four years in federal prison and fined $1...

https://www.freightwaves.com/news/nikola-founder-sentenced-to-4-years-on-fraud-convictions

Investors pummel Nikola shares after new stock and debt sales

Investors dumped Nikola stock Friday after the electric truck maker priced the sale of 133.3 million new shares and sought to issue $175 million in new debt with an annual interest rate of 8.25%.

The new stock sale would raise to nearly 1 billion the number of outstanding shares in the company. Shareholders voted in August to double the number of authorized shares to 1.6 billion from 800 million, effectively agreeing to dilute the value of their holdings as new shares are issued.

The company...

https://www.freightwaves.com/news/investors-pummel-nikola-shares-after-new-stock-and-debt-sales

TuSimple lays off 150 more employees as it winds down US operations

TuSimple Holdings, once a leader in U.S. autonomous trucking development, is winding down its operations after a five-month review apparently found no takers for its business that was the first to conduct a driverless pilot two years ago.

TuSimple went through a brutal internal leadership struggle in late 2022 that was at least partly responsible for chasing away Navistar International, its development partner on a purpose-built autonomous truck. The two sides broke up a year ago this week after...

https://www.freightwaves.com/news/tusimple-lays-off-150-more-employees-as-it-winds-down-us-operations

Milton wants Nikola arbitration testimony to bolster probation plea

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

As if a 50-page motion for probation was insufficient, convicted Nikola founder Trevor Milton is...

https://www.freightwaves.com/news/milton-wants-nikola-arbitration-testimony-to-bolster-probation-plea

‘Ambitious dreamer’ Trevor Milton seeks probation instead of prison

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

Trevor Milton’s lawyers portrayed the Nikola Corp. founder as “guileless” and well meaning in a...

https://www.freightwaves.com/news/ambitious-dreamer-trevor-milton-seeks-probation-instead-of-prison

+ More
Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon
By subscribing, you agree with our privacy policy and our terms of service.