Written by Cláudio Afonso | LinkedIn | X
Norges Bank, the central bank of Norway, disclosed in a regulatory filing on Tuesday that its stake in electric truck maker Nikola fell to 4.2% as of the end of 2024, down from 7.01% in the previous quarter — as the company increased its total shares outstanding.
The filing, made in a Schedule 13G submission with the U.S. Securities and Exchange Commission, showed that Norges Bank held 3,545,693 shares of Nikola at the end of the fourth quarter, the same amount as in its prior filing for the period ending Sept. 30.
However, Nikola’s total shares outstanding rose from approximately 51 million at the end of Q3 to about 84 million by year-end, leading to a decline in Norges Bank’s percentage ownership.
In December, the company announced a $300 million capital-raising initiative comprising debt and equity offerings to support its working capital needs.
In its last filing on October 10, Norges Bank had reported a 7.01% stake in Nikola with the same number of shares. The dilution means Norges Bank now holds less than 5% of Nikola’s stock, a threshold that determines whether it must disclose future holdings unless its position changes significantly.
Shares of Nikola reached a new record low last week immediately after the Wall Street Journal reported that the company is working with its law firm Pillsbury Winthrop Shaw Pittman “to explore options that could include a sale or restructuring of the company in bankruptcy.”
The stock plunged 47% on the news and recovered part of the losses since then. As of the time of writing, the stock is trading 6% lower at $0.47 resulting in a market cap just below $40 million.
Last week, Nikola‘s founder and former CEO Trevor Milton said the management “has done everything they can to destroy the company” adding that “they should be held accountable.”
The Phoenix-based startup started considering a potential sale, partnerships, or raising additional capital last month. Nikola has not yet reported its sales figures from the last quarter of 2024.
Additionally, the company claimed earlier this week it had fixed 111 of the 209 battery-electric trucks recalled in August 2023 due to a battery fire risk.
However, the figures reported to the U.S. National Highway Traffic Safety Administration (NHTSA) do not match the company’s claims on social media.
According to NHTSA regulations, specifically 49 CFR § 573.7(b)(4), manufacturers are required to submit quarterly reports that cumulatively detail the number of vehicles that have been fixed. Based on that, Nikola has fixed only 40 trucks out of 209 recalled — over 500 days after the recall took place.
The company recently saw several executives leaving the EV maker. The departures followed the exit of Nikola’s country chief for Canada, Jorg Wimbert.
