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Nikola dismisses short-seller allegations, calling them a ‘hit job’ – Information by Automobilnews.eu

Nikola dismisses short-seller allegations, calling them a ‘hit job’


Nikola Motor Firm Badger pickup truck

Supply: Nikola Motor Firm

Nikola shares tumbled 9% on Friday after the electrical car firm dismissed fraud allegations made in a report by short-selling agency Hindenburg Analysis.

Nikola mentioned it’s contemplating authorized choices, retaining Kirkland & Ellis, and that it plans to convey paperwork to the Safety and Change Fee to refute the report.

Hindenburg accused Nikola’s founder Trevor Milton made false statements concerning the firm’s know-how in an effort to to develop and companion with high automakers. The accusations come simply days after Common Motors mentioned it’s taking an 11% stake in Nikola and that it’s going to produce its marquee hydrogen gasoline cell electrical pickup truck the Badger by the tip of 2022.

GM shares have been up 0.3% in morning 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
worth revealed 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 got nothing to cover and we are going to 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 appearing 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 will likely 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.”

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Nikola dismisses short-seller allegations, calling them a ‘hit job’ – Information by Automobilnews.eu
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