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Founder Nikola sells $ 49 million worth of shares

Founder Nikola sells $ 49 million worth of shares

Initial founder of electric trucks Nikola the company has sold $ 49 million worth of shares, a transaction released on a Friday afternoon for a holiday weekend.

Trevor Milton, who left the executive chair seven months ago in response to a report from short sellers online complaints, Nikola sold 3.5 million shares on Wednesday at a closing price of $ 13.89. The transaction appeared on the Securities and Exchange Commission’s website two days after business hours, suggesting a desire to avoid disclosing the sale.

The price was above the 52-week minimum price of $ 10.51, but part of the June peak of $ 93.99.

The Phoenix, Arizona-based company declined to comment.

Both the U.S. Department of Justice and the SEC Nikola investigates, Hindenburg Research’s short salesman said it was a “complicated scam”. The company questions the characterization, but admits that many of Milton’s statements about Nikola’s progress and technical skills are completely or partially inaccurate.

The pre-revenue company plans to sell heavy-duty electric trucks, which will then use Nikola’s planned hydrogen supply network to customers who will pay a subscription.

Nikola attracted attention last summer was made public through a merger with a company to purchase a special purpose; His name was associated with the electric car maker Tesla (both named in honor of inventor Nikola Tesla), whose founder had a fondness for Twitter like Elon Musk. General Motors announced in September that it would take over a bet in the company, but after a report from short sellers and subsequent investigations, the deal reached a smaller deal to supply the start-up.

Milton made harsh claims about Nikola in interviews, press releases and on social media. Among the claims that the company now claims to be inaccurate, Milton confirmed that a first truck, the Nikola One, could fully operate. It was represented by a famous video that wanted to show the truck “in motion” roll down a hill.

Nikola is trying to get down Miltonin the retrospective mirror. The company has canceled its plan to manufacture a pick-up truck with GM and has closed its all-terrain vehicle and shipbuilding division. But so far he has had to pay $ 8.1 million with him legal fees.

Milton remains Nikola’s largest shareholder with 21% of the company. CEO Mark Russell has the second largest stake in less than 11 percent.

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