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US SEC to dismiss case against former Nikola CEO
Yahoo Finance· 2025-09-12 04:41
By Mrinmay Dey (Reuters) -The U.S. Securities and Exchange Commission moved on Thursday to dismiss its case againt Trevor Milton, the founder and former CEO of Nikola, a company that sought to make electric and hydrogen-powered trucks. In the case, filed in 2021, U.S. prosecutors accused Milton of falsely claiming that Nikola had built an electric- and hydrogen-powered pickup from scratch and developed batteries in-house while knowingly sourcing them externally. In a document filed with the United State ...
X @Bloomberg
Bloomberg· 2025-09-11 22:06
The US SEC has moved to drop its case against the former head of Nikola, the once-buzzy electric vehicle startup that has faced a stunning downfall https://t.co/FYtZpStckz ...
X @Tesla Owners Silicon Valley
Would you buy a Nikola chassis v https://t.co/CEgqea5lZW ...
美氢电动卡车Nikola破产清算,造车新势力Lucid拿下工厂、设备
Sou Hu Cai Jing· 2025-04-13 03:55
Core Insights - Lucid Motors unexpectedly won the auction for Nikola's assets, including its Arizona factory, for approximately $30 million in cash and non-cash considerations [1][3][5] - The acquisition aligns with Lucid's production schedule for the Gravity model and aims to enhance its manufacturing, warehousing, testing, and R&D capabilities [3][5] Company Actions - Lucid plans to extend job offers to around 300 former Nikola employees across various roles, including manufacturing, engineering, software, assembly, vehicle testing, and warehousing [3] - The company confirmed that it will not take over Nikola's hydrogen truck business or its customers as part of the deal [3][5] Market Context - The auction outcome surprised the market, as Lucid focuses on passenger electric vehicles and has not engaged in hydrogen-powered vehicles, which are central to Nikola's business [5] - Nikola's founder, Trevor Milton, who was previously convicted of fraud, was barred from inspecting the factory and assets prior to the auction [5]
Nikola founder Trevor Milton accused of trying to derail bankruptcy case
TechCrunch· 2025-04-11 19:23
Core Points - The court hearing regarding the sale of Nikola's assets to Lucid Motors proceeded without objections until a lawyer raised concerns about the auction process [1][2] - Nikola's founder Trevor Milton, recently pardoned, may challenge a $168 million arbitration award he owes to Nikola, which is significant in the bankruptcy case [3][4] - Nikola still possesses assets, including hydrogen-powered trucks, and plans to sell them after the Lucid transaction, which includes the sale of its Arizona factory and hiring of 300 employees [5][6] Group 1 - The sale of Nikola's assets to Lucid Motors was verbally approved by Judge Thomas Horan, with no objections filed initially [1] - A lawyer representing ISSO LLC, linked to Trevor Milton, expressed concerns about the auction process, indicating potential future disputes [2] - Milton's actions may be an attempt to undermine Nikola's sale process and impact the arbitration award [5][6] Group 2 - The $168 million arbitration award is a critical element of Nikola's Chapter 11 bankruptcy case, tied to false claims made by Milton during his tenure as CEO [4] - Nikola settled a class action lawsuit with shareholders by agreeing to distribute the arbitration award, highlighting the financial implications of Milton's actions [4] - Nikola's legal representatives believe Milton's involvement in the sale process is an attempt to harm the company for unclear benefits [5][6]
Nikola founder Trevor Milton wants to buy the bankrupt startup's assets
TechCrunch· 2025-04-07 20:46
Core Points - Trevor Milton, the founder of Nikola, is attempting to acquire the assets of his former company, which is currently in Chapter 11 bankruptcy [1][2] - Nikola filed for bankruptcy protection in February and aims to sell its business by mid-April [2] - Milton's bid has faced resistance, including restrictions on inspecting assets at the company's factory [2][6] Group 1: Company Background - Nikola was founded by Trevor Milton in 2014 and went public in 2020 through a special purpose acquisition merger [3] - Milton stepped down from his position following fraud allegations and was convicted in 2022, receiving a four-year prison sentence in 2023 before being pardoned [3] Group 2: Bankruptcy Proceedings - Nikola has faced significant operational challenges, including battery fires and recalls, leading to its bankruptcy filing [4] - A Nevada entity, ISSO LLC, submitted a bid for Nikola's assets, but faced restrictions during the inspection process [4][5] - The court is set to hold an auction on April 7 to determine the highest bid for Nikola's assets [7]
Nikola founder Trevor Milton says Trump pardoned him in securities fraud case
CNBC· 2025-03-28 13:04
Core Viewpoint - Trevor Milton, founder of Nikola Corp., claims to have received a full pardon from President Donald Trump for his conviction related to defrauding investors, which could void his criminal case and restitution orders [1][2][10]. Group 1: Legal Developments - Milton was sentenced to four years in prison in December 2023 but has been free pending an appeal [2]. - Federal prosecutors sought $680 million in restitution from Milton to Nikola shareholders and an additional $15.2 million to a victim of his fraud [2]. - If the pardon is confirmed, it would erase Milton's criminal conviction and associated fines [10]. Group 2: Company Background - Nikola Corp. filed for Chapter 11 bankruptcy protection in February, reporting liabilities between $1 billion and $10 billion and assets between $500 million and $1 billion [14]. - The company has struggled significantly, selling only 600 vehicles since 2022 and facing numerous recalls due to defects [15]. - Nikola's market capitalization peaked at $30 billion in 2020, surpassing Ford, but has since collapsed due to misleading statements made by Milton [15][16]. Group 3: Misleading Claims - Milton was indicted for securities and wire fraud, accused of making false claims about Nikola's product development and operational capabilities [16][17]. - Specific false claims included the existence of a fully functioning semi-truck prototype and the development of an electric and hydrogen-powered pickup truck [17].
Bankrupt Nikola wants to sell its whole business by April
TechCrunch· 2025-02-20 20:07
Core Points - Nikola is seeking to sell its entire business as early as April, with at least three interested buyers identified [1][6] - If a complete sale is not achieved, Nikola plans to sell its assets individually to address over $1 billion in liabilities [2][6] - The company filed for Chapter 11 bankruptcy protection, ceasing operations as a standalone entity [2][6] Group 1: Bankruptcy Proceedings - The bankruptcy hearing took place shortly after Nikola filed for protection, with the company expressing urgency due to limited cash reserves of approximately $47 million [9][11] - Nikola's legal representatives anticipate a smooth sale process, with a bid submission deadline likely set for late March [7][8] - A potential auction could occur around March 31, with a hearing on any sale expected in the second week of April [7] Group 2: Acquisition Efforts - Nikola has previously engaged with Goldman Sachs and solicited interest from 22 potential acquirers, including international automotive manufacturers [4][5] - After unsuccessful negotiations with multiple parties, Nikola is now in active discussions with at least three interested buyers [6] - The company is also marketing high-value assets, such as its factory in Coolidge, Arizona, for potential sale [6] Group 3: Stakeholder Interests - A group of shareholders involved in a class action lawsuit against Nikola supports a rapid bankruptcy process due to the company's dwindling cash [10][11] - The plaintiffs have a significant creditor claim of around $13 million, emphasizing the need for expediency in the proceedings [10][11] - Inbound interest from potential buyers has reportedly increased since the bankruptcy filing, indicating a more favorable market environment [8]
EV Truck Startup Nikola Files for Chapter 11 Bankruptcy
Investopedia· 2025-02-19 18:00
Core Insights - Electric vehicle startup Nikola (NKLA) has filed for Chapter 11 bankruptcy and intends to auction its assets, pending court approval [1][3] - The company has faced significant market and macroeconomic challenges that have impacted its operations, as stated by CEO Steve Girsky [1][2] - Recent efforts to raise capital have been insufficient to address these challenges [2] Company Background - Nikola went public in June 2020 without selling any trucks and at one point had a market capitalization higher than Ford Motor [2][3] - The company experienced a mass recall of its vehicles in 2023 and its founder, Trevor Milton, was sentenced to four years in prison for misleading investors [2][3] Financial Status - Nikola currently has approximately $47 million in cash to support its bankruptcy proceedings [3] - Following the bankruptcy announcement, Nikola's shares plummeted nearly 40% in intraday trading, dropping from $21.18 a year ago to about $0.47 [3]
Nikola stock tumbles following bankruptcy announcement
Proactiveinvestors NA· 2025-02-19 17:37
Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]