Nikola said it has resolved the investigation by the U.S. Securities and Exchange Commission.
As part of the resolution, Nikola will pay $125 million to the SEC in five installments over two years. The first installment will be paid by the end of 2021, and the remaining installments will be paid semiannually through 2023.
The company disclosed on November 4, 2021 that it had taken a $125 million reserve in its third quarter earnings to account for the expected settlement.
The company released this statement:
“We are pleased to bring this chapter to a close as the company has now resolved all government investigations. We will continue to execute on our strategy and vision to deliver on our business plan, including delivering trucks to customers, expanding our manufacturing facilities and our sales and service network, and building out our hydrogen infrastructure ecosystem including hydrogen production, distribution and dispensing stations.”
Under the terms of the resolution, Nikola neither admits nor denies the SEC’s findings in this matter.
The company has taken action to seek reimbursement from its founder, Trevor Milton, for costs and damages in connection with the government and regulatory investigations.
Source: Nikola
