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Nikola Corp

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business1 year ago

"Nikola Corporation Rejects Disgraced Founder's Board Nominees"

Disgraced Nikola Corp founder Trevor Milton plans to nominate a slate of candidates, including "Diesel Brothers" star Dave Sparks, for the company's board, despite facing a prison sentence for fraud. Nikola strongly opposes the nominees, citing their lack of public company experience and expertise in zero-emissions trucking and energy infrastructure. Milton, who remains one of Nikola's biggest shareholders, has clashed with the company's current management and previously called for leadership changes.

via Yahoo Finance|
#board-nomination#business#diesel-brothers
financestock-market2 years ago

"Nikola's Stock Outlook: Analysts Predict Triple Growth and Outperform Rating"

Nikola Corp's stock rebounded by 6% after Baird Equity Research initiated coverage with an outperform rating and a $2 price target, citing the potential of its new management team and proprietary design and software. Despite recent losses in the electric-vehicle sector, the company's leadership change and market potential for zero-emissions trucking are seen as positive developments. Analyst Ben Kallo also highlighted potential catalysts for Nikola's truck and energy units, while keeping an eye on the company's cash burn and liquidity.

via MarketWatch|
#baird-equity-research#electric-truck#financestock-market
business2 years ago

"Nikola Founder Trevor Milton Receives 4-Year Prison Sentence for Fraudulent Activities"

Trevor Milton, the founder and former CEO of Nikola Corp., has been sentenced to four years in prison for securities fraud and wire fraud. Milton was convicted for lying to shareholders about the progress of the electric-truck maker and misrepresenting key details about its products and technology. He was also ordered to pay a $1 million fine. Prosecutors had sought an 11-year sentence, arguing that a lengthy term of incarceration was necessary to punish Milton and deter other corporate executives from similar misconduct. Milton plans to appeal the verdict and remains free on bail.

via Yahoo Finance|
#business#electric-trucks#fraud
business2 years ago

Nikola Corp. Founder Receives Prison Sentence for Fraudulent Emission Claims

Trevor Milton, the founder of Nikola Corp., has been sentenced to four years in prison and ordered to pay a $1 million fine for exaggerating claims about his company's production of zero-emission trucks, causing investors to lose money. Milton was convicted of fraud charges after falsely claiming to have built a revolutionary truck and doctoring videos to hide flaws. Despite his tearful plea for leniency, the judge believed the jury got it right and emphasized the material falsehoods Milton spread through social media.

via HuffPost|
#business#fraud#nikola-corp
legalcriminal-justice2 years ago

"Nikola Founder Trevor Milton Faces Potential 11-Year Prison Sentence for Fraud"

Trevor Milton, the founder of Nikola Corp., is set to be sentenced on Monday for three charges related to defrauding investors of the electric- and hydrogen-powered truck maker. Milton was found guilty of two counts of wire fraud and one count of securities fraud in October 2022. Prosecutors have recommended an 11-year prison sentence, while Milton faces a maximum of 60 years. The case draws comparisons to Elizabeth Holmes, the disgraced founder of Theranos, who was sentenced to over 11 years in prison for defrauding investors. Milton argues that Nikola is still a real business, unlike Theranos. Since Milton's resignation, Nikola's shares have plummeted, and the company has struggled to retain executives.

via CNBC|
#electric-vehicles#fraud-charges#legalcriminal-justice
business2 years ago

Nikola's Stock Plunges as Investors React to New Offerings and Sales

Nikola Corp. faced a significant drop in its stock price as investors reacted negatively to the company's plans to sell 133.3 million new shares and issue $175 million in new debt. The new stock sale would increase the number of outstanding shares to nearly 1 billion, diluting the value of existing shareholders' holdings. Nikola already has a notice of going concern on file with the SEC, stating that it may run out of money within the next year. The company needs funds for a battery pack recall and to scale its hydrogen fuel cell electric truck business. Shares tumbled 22% following the announcement, with investors expressing little hope for Nikola's survival.

via Yahoo Finance|
#business#debt-issuance#electric-truck-maker
business2 years ago

"Nikola's Stock Plummets as Company Announces New Share and Convertible Note Offerings"

Nikola Corp shares plummeted after the electric vehicle manufacturer announced plans to issue $100 million in new shares and $200 million in convertible senior notes. The funds will be used for working capital, general corporate purposes, and projects aligned with the Green Bond Principle. The company has faced numerous setbacks, including managerial turmoil, issues with its all-electric trucks, and job cuts. Nikola's stock has fallen 55% this year, and the recent announcement further contributed to the decline.

via Yahoo Finance|
#business#convertible-notes#electric-vehicles
business2 years ago

"Nikola Corp's Stock Surge Sparks Investor Interest and Speculation"

Shares of Nikola Corp surged as much as 36% this week after the hydrogen fuel cell transportation company finally entered commercial production for its semitrucks. The company, which had faced significant setbacks and controversy in the past, received 223 orders for its hydrogen fuel trucks. However, despite the positive news, Nikola still faces significant challenges, including low revenue, negative gross profit, and a long road to profitability. Investors are advised to exercise caution when considering investing in Nikola stock.

via The Motley Fool|
#business#commercial-production#hydrogen-fuel-cell
finance2 years ago

"Nikola's Short Squeeze: Retail Investors Rally as BayoTech Deal Boosts Shares"

Shares of Nikola Corp jumped 14% after a short squeeze caused the electric-truck maker's stock to soar by nearly 61% in its busiest trading session on record. The surge came after Nikola announced a deal to sell 50 EVs to BayoTech and purchase low-carbon hydrogen from the firm. The short squeeze led to a record 317 million shares traded. Nikola's strong performance indicates continued interest in EV stocks from individual investors, with the company being the most traded stock among retail traders after Tesla.

via Yahoo Finance|
#bayotech-deal#ev-stocks#finance