Autos

Nikola shares plunge more than 15% amid dispute over short-seller allegations

0


Nikola Motor Company Badger pickup truck

Source: Nikola Motor Company

Nikola shares tumbled about 15% on Friday after the electric vehicle company dismissed fraud allegations made in a report by short selling firm Hindenburg Research.

Nikola said it is considering legal options, retaining Kirkland & Ellis, and that it plans to bring documents to the Security and Exchange Commission to rebut the report.

The accusations come just days after General Motors said it is taking an 11% stake in Nikola and that it will produce its marquee hydrogen fuel cell electric pickup truck the Badger by the end of 2022. GM shares were up 0.9% in morning trading.

“We are fully confident in the value we will…



Source cnbc.com

JPMorgan creates new team to trade shares of pre-IPO giants including SpaceX, Robinhood and Airbnb

Previous article

Citigroup wins deal to offer credit cards for Wayfair, edging out rival Alliance Data Systems

Next article

You may also like

Leave a Reply

avatar
  Subscribe  
Notify of

More in Autos