Business & Investment

Milton cashes $ 131 million in Nicola shares and slices dominant ownership

Nikola Corp was charged. Trevor Milton, the founder of Trevor Milton, continues to cash out his huge holdings at an electric truck startup, raising about $ 131 million in recent sales.

Amount realized from Transactions reported to the Securities and Exchange Commission On Tuesday, Milton covered four sales of more than 63 million shares, for a total of 11.7 million shares. He currently holds just under 52 million shares, or about 12.8% of the 403.3 million issued shares as of November 4. A year ago, Milton owned about 92 million shares.

Co-owned by Milton An additional 39.8 million shares, Or 9.9% of Nikola’s shares, with Nikola’s CEO Mark Russell, who holds the voting rights in these shares.

Milton’s Indicted for three federal fraud charges On July 29, a glamorous and flashy 39-year-old woman sold $ 284 million worth of shares. He is facing a April 2 trial in the US District Court in New York. The lawyer tried to move but failed Either in Phoenix, where Nicola is based, or in Utah, where Milton lives.

The most recent sales on November 19, 22 and 23 are expected to be paid by Nicola to resolve SEC complaints related to the false allegations intended by Milton’s SEC and the Justice Department’s accusations. Slightly above the $ 125 million fine. Raise Nikola’s stock price.Nicola said so Ask for a fine refund Cost from Milton.

Short-selling scrutiny

Nicola (NASDAQ: NKLA) After a reverse merger with the special acquisition company VectoIQ in June 2020, it made its debut as a public company on Nasdaq.

SPACs are companies that raise so-called blank check funds from investors, with the goal of making them public, especially for young, often pre-earning companies. They usually charge a “promotion” fee of 20% or more of the shares of the merged company.

Nicola, as one of the earliest clean energy transport SPACs in an 18-month SPAC merger across multiple industries, has received a lot of attention from retailers who helped bid as high as $ 93.99 in the days following its debut. rice field. The stock closed at $ 10.66 on Wednesday.

Milton, an active Twitter user and regularly available on business and social media, touted the company and talked about the breakthroughs in technology that were later shown to be manufactured.

Milton resigned as chairman and gave up his board of directors ten days after the September 2020 report reported by short-selling Hindenberg Research in September 2020. Instead of working on its own, it rolled down a hill.

Nicola is producing a pre-series version of a Class 8 Tre battery-powered electric cab-over model at its $ 600 million plant in Coolidge, Arizona. Regular production of Tres based on the Iveco S-Way is on track towards the end of the first quarter of 2022, with fuel cell versions continuing in 2023, Nikola officials said.

Judge refuses to change venue due to Trevor Milton fraud trial

Nicola pushes the indicted founder to repay the expected $ 125 million SEC fine

Nikola’s proceeding against Trevor Milton: “I lied about almost every aspect”

Click here for more Freight Waves articles by Alan Adler.

Milton cashes $ 131 million in Nicola shares and slices dominant ownership Milton cashes $ 131 million in Nicola shares and slices dominant ownership

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