One week after Nikola Motors CEO resigns…share prices increases but…

0
27

As reported last week, Trevor Milton resigned. Hereby the main developments in the last 7 days:

  • Nikola shares jumped by about 15% after the start up reconfirmed its business plans (see press release enclosed)
  • The company said it “remains committed to achieving” a set of milestones previously outlined despite Milton’s exit amid claims of fraud involving the company that have reportedly led to investigations by the Securities and Exchange Commission and Department of Justice. Milton and the company have denied many of the claims in the report
  • The Nikola-GM agreement was expected to close by Tuesday, which marked three weeks from when the partnership was announced on Sept. 8. But the negotiations have grown more complicated following Milton’s resignation amid allegations of fraud and, more recently, sexual abuse
  • The startup announced Wednesday it will no longer hold the planned Nikola World event in Arizona, where the Badger was meant to make its debut

Meanwhile, the confidence in Hydrogen is increasing … for more background information we recommend the reading the information at OILPRICE.COM

More on Nikola and Hydrogen market developments next week