Nicola’s shares rose following the company’s restructuring strategy following the resignation of founder Trevor Milton

Nikola Motor Company two trucks

Source: Nicola Motor Company

Nicola shares rose nearly 5% after the resumption of electric truck start-ups following the resignation of founder and former executive chairman Trevor Milton last week.

The company said it “committed to acquiring a set of Milton’s” that had previously surfaced despite the company’s fraudulent claims between Milton’s exit, which allegedly included investigations by the Securities and Exchange Commission and the Justice Department was.

“With the support of our business partners and suppliers, we are focused on working on the ground to execute our strategic initiatives and become a pending integrated zero emission transportation solutions provider,” the company said in a press release.

In addition to the company delaying a one-man program called “Nicola World” in December, plans are essentially unchanged from what was previously announced by the company.

Near-term goals include testing its Nicola tray semitracks in Europe by the end of this year, followed by production in the fourth quarter of next year, as well as announcing a partner for its hydrogen station network. The company also stated that production of a plant in Arizona to begin manufacturing in 2022 would begin in 2023 after additional construction of the facility.

The company did not mention plans for its Nikola Badger pickup, which was expected to be produced by General Motors starting in 2022. Nicola spokesman Coleen Robber said the company did not include the vehicle as officials remained in active negotiations with GM over the $ 2 billion deal. .

The Nicola-GM agreement was expected to close by Tuesday, marking three weeks since the partnership was announced on the sept. 8. But negotiations have become more complicated following Milton’s resignation amid allegations of fraud and, more recently, sexual abuse.

The two women, as previously reported by CNBC, have now filed sexual harassment claims against Milton with Utah officials. Both charges were over 15 years old but involved a cousin and an office assistant when both were 15 years old. Milton’s cousin Aubrey Ferrin Smith said she beat him at the age of 17 in 1999, while another woman says she was allegedly assaulted in 2004 when she was 22 years old. CNBC does not identify victims of sexual assault until the victim publicly chooses to release them. name it.

Nicola shares are down over 60% following the deal, with GM announcing an 11% stake in the company.


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