Trevor Milton CEO of NikolaMassimo Pinca | ReutersNikola introduced early Monday that founder Trevor Milton is voluntarily stepping down as governm
Trevor Milton CEO of Nikola
Massimo Pinca | Reuters
Nikola introduced early Monday that founder Trevor Milton is voluntarily stepping down as government chairman.
The electrical truck firm mentioned the board accepted Milton’s resignation from the position and the board. Stephen Girsky, former vice chairman of Normal Motors and a member of Nikola’s board, has been appointed chairman of the board, efficient instantly.
“Nikola is actually in my blood and all the time shall be, and the main target needs to be on the Firm and its world-changing mission, not me,” Milton mentioned in an announcement. “So I made the tough determination to strategy the Board and volunteer to step apart as Govt Chairman. Founding Nikola and rising it into an organization that may change transportation for the higher and assist defend our world’s local weather has been an unbelievable honor.”
Nikola CEO Mark Russell mentioned the corporate stays dedicated to its goals and creating worth for shareholders.
“Our priorities stay unchanged and, in collaboration with our companions, we’re laser-focused on executing on our strategic initiatives and laying the groundwork to turn out to be a vertically built-in zero-emissions transportation options supplier,” Russell mentioned in an announcement.
The announcement comes after short-selling agency Hindenburg Analysis accused Nikola of fraud. The corporate pushed again on the accusations, saying there have been “dozens” of inaccurate allegations within the report. The Securities and Trade Fee and Division of Justice are reportedly investigating claims that the corporate misled buyers.
Hindenburg alleged Milton had made false statements about Nikola’s expertise so as to develop and safe partnerships with automakers.
GM just lately took a 11% stake within the firm and mentioned it will produce Nikola’s marquee hydrogen gasoline cell electrical pickup truck the Badger by the top of 2022. Final week, GM CEO Mary Barra mentioned the automaker carried out “acceptable diligence” concerning a $2 billion take care of the electrical car start-up.
Nikola has been wildly risky this yr, rising from $13 firstly of Could to a present 52-week excessive of $93.99 in June. The Nasdaq-traded shares completed Friday at $34.19.
The corporate’s common quantity over the past 10 buying and selling days has are available at 53.2 million shares, although it has solely about 361 million shares excellent.
That is breaking information. Please test again for updates.