（Cover image source: NikolaMotor）
South Korean conglomerate Hanwha Group plans to sell half of its stake in Nikola Corp. The stake is worth about $180 million based on Wednesday’s closing price of $16.39.
Last September, short-selling firm Hindenburg Research claimed that Nikola misled investors in “an intricate fraud”. Although Nikola denied it, the stock still fell by more than half.
Last December, fuel cell supplier Robert Bosch Gmbh sold about 4 million shares of Nikola’s stock. At the beginning of the month, founder Trevor Milton sold 550,000 shares, causing a sharp drop in the company’s stock price. The founder is also facing allegations of fraud and has been subpoenaed by the US Department of Justice.
Nikola’s products focus on zero-emission heavy-duty trucks and the company is currently accelerating the construction of its factory and has completed production. However, it seems that the company’s investor support is not very strong at the moment.
🔗Source: Reuters, MarketWatch
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.