Nikola Motor Firm Badger pickup truck
Supply: Nikola Motor Firm
Nikola on Friday dismissed fraud allegations made in a report by short-selling agency Hindenburg Analysis and mentioned it’s contemplating authorized choices.
Shares of the electric-truck maker tumbled Thursday after the Hindenburg report, which alleged its founder Trevor Milton has made false statements to develop the corporate and accomplice with high automakers. The accusations come simply days after General Motors mentioned it’s taking an 11% stake in Nikola and that it’s going to produce its marquee hydrogen gas cell electrical pickup truck the Badger by the tip of 2022.
Nikola shares have been down greater than 5% on Friday in premarket buying and selling.
Learn Nikola’s full assertion right here:
“Yesterday, an activist short-seller whose motivation is to govern the market and revenue from a manufactured decline in our inventory
value printed a so-called “report” replete with deceptive info and salacious accusations directed at our founder and govt chairman. To be clear, this was not a analysis report and it’s not correct. This was successful job for brief sale revenue
pushed by greed.
We’ve nothing to cover and we’ll refute these allegations. They’ve already taken up extra time and a spotlight than they deserve. We
have retained main legislation agency Kirkland & Ellis LLP to judge potential authorized recourse, together with with respect to the activist brief vendor and any others performing in live performance.
Nikola additionally intends to convey the actions of the activist short-seller, along with proof and documentation, to the eye of the
U.S. Securities and Change Fee
We respect the rights of traders and the integrity of the market and shall be again to you after now we have superior the method with the
SEC.
Most significantly, Nikola stays targeted on delivering on the guarantees we have made to our stakeholders.”
