Nikola Begins Its First Ever Electric Truck Delivering

Nikola shares fly after the delivery of the first electric truck and its statement that there are more vehicles to come

Nikola’s shares jumped 20% after the electric truck maker finished delivering a batch of its first vehicle, as the stock’s rise came a day after the company announced on Twitter that the delivery to its first customer had taken place and there was more to come.

Earlier in the week, Nikola said it had agreed to pay the Securities and Exchange Commission $125 million to settle charges that it defrauded investors by misleading them about its products, technology and business capabilities.

The Securities and Exchange Commission has said that Nikola is responsible for misleading claims made by the company’s founder and former CEO Trevor Melton, who denied a fraud charge filed by the Justice Department last July.

Nikola had put its shares for trading in June 2020 by merging with an acquisition company for special reasons SPAC, and its share recorded a record value of more than $90 after the subscription, but it collapsed after the regulatory investigation.

A large group of start-ups in the electric vehicle industry sought an IPO via SPAC deals after the Nikola deal caught the attention of regulators, and Nikola was one of at least four companies under investigation by federal agencies for misleading investors.

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