Written by Cláudio Afonso | [email protected] | LinkedIn | X
Nikola‘s founder and former CEO, Trevor Milton, took to LinkedIn to accuse the current Board of Directors of being “too compromised with rampant misconduct and potential fraud.” Shares of Nikola fell 26.70% on Thursday and are trading at $0.7170.
Milton expressed his belief that if the Board doesn’t replace Nikola‘s current CEO, Steve Girsky, and the company’s legal counsel, Britton Worthen, Nikola “may be bankrupt by year’s end.”
If the board was smart, they would fire Steve Girsky and Britton Worthen and begin to repair the image and trust of the company with shareholders. If the board does not replace them and those involved in their decisions, I believe the company may be bankrupt by years end.
Trevor Milton on LinkedIn — April 11, 2024
Regarding the approval process for a reverse stock split that Nikola announced on Thursday, the company’s founder enhanced a “few company’s have survived” after doing it “when threatened with a delisting from Nasdaq”.
Trevor Milton has confirmed that the has officially withdrawn from the proxy fight intended to replace the board.
“We have officially withdrawn from the proxy fight to replace the board. I can’t put people on a board if they are mixed in with those who have been complicit with what has been going on at Nikola,” the former CEO said.
Nikola aims to avoid a delisting from Nasdaq in the future on the basis of the minimum bid price requirement of $1.00 per share and “broaden the pool of investors that may be interested in investing,” the company added.
Recently, Nikola announced that it produced and wholesaled 43 and 40 Class 8 hydrogen fuel cell electric vehicles, respectively, at its factory in Coolidge, Arizona.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
