Written by Cláudio Afonso | LinkedIn | X
Shares of the electric vehicle (EV) manufacturer Nikola closed at $0.4902 per share on Tuesday, only 0.04 percent above the record low and resulting in a market cap of $665 million.
The company’s founder and former CEO Trevor Milton , announced on Saturday on social media that he has filed a multibillion-dollar derivative and malpractice lawsuit.
Milton, who stepped down as chairman in 2020 amid allegations of fraud, asserted in his post that the controversial video showing a Nikola truck rolling down a hill—purportedly to falsely demonstrate its functionality—was orchestrated by Worthen.
Last week, at the Annual Meeting, shareholders elected all the Directors and approved all proposals including a reverse stock split that will allow the share price to comply with Nasdaq requirement of trading above $1.
Vanguard Group, one of the world’s largest investment advisors, has been consistently increasing its stake in Nikola Corporation since the company’s initial public offering (IPO) in 2020 and the first quarter of 2024 was no exception.
By the end of last year, Nikola‘s institutional shareholders were holding about 200 million shares although the number has more than doubled to 450 million shares last month, according to Fintel data.
NEVER MISS AN UPDATE
Both electric vehicle companies Nikola and Workhorse will be removed from the Russell 3000 Index, according to the official preliminary list of additions and deletions posted by FTSE Russell.
The Russell 3000 Index measures the performance of the 3,000 largest publicly traded companies in the U.S. by market capitalization.
Nikola has recently published its financial results for the first quarter of year reporting a decline in total revenues and a non-GAAP net loss per share of $0.09. The company produced 43 trucks in the first quarter of which 40 were shipped.
Written by Cláudio Afonso | LinkedIn | X
