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Technology Stocks : Nikola Corp
NKLA 1.250-3.8%Sep 22 4:00 PM EDT

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From: kidl11/25/2020 8:17:34 AM
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Nikola tumbles on concerns over GM deal, gauntlet of stock

Nov. 25, 2020 2:47 AM ET Nikola Corporation (NKLA) By: Yoel Minkoff, SA News Editor 28 Comments
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  • After racing higher with green energy names on Tuesday, Nikola (NASDAQ: NKLA) shares fell back nearly 8% in AH trading following CEO Mark Russell's interview on CNBC's Mad Money with Jim Cramer.
  • He failed to reassure investors that the company's $2B deal with General Motors (NYSE: GM) would go through, echoing a similar position the automaker took when it held an investor conference last week (both sides can walk away if a deal isn't finalized by Dec. 3).
  • Russell also declined to speculate about what ousted founder Trevor Milton plans to do with the 85.6M shares (24% stake in the company) he owns after a lock-up period ends on Dec. 1.
  • Milton resigned after the DOJ and SEC began investigating allegations of fraud raised by short-seller Hindenburg in September.
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