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Nikola reserves $125 million to fund potential settlement with SEC -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – U.S. Nikola’s logo was displayed at the event to showcase CNH’s full-electric and hydrogen fuel-cell batteries trucks. It took place in Turin (Italy) on December 3, 2019. REUTERS/Massimo Pinca

(Reuters) – Nikola Corp claimed on Thursday that the electric vehicle maker has reserved $125million to pay a possible settlement with the U.S. Securities and Exchange Commission.

In July, the SEC announced that it had indicted Trevor Milton, founder of the company for repeatedly disseminating misleading and false information.

Commission alleged that Milton misled investors on social media about electric vehicle maker’s capabilities and technology. As a result, he allegedly made “tens to millions of dollars.”

Nikola Chief Executive Officer Mark Russell stated that there are prospects for an SEC settlement. He also said that he was looking forward to closing the chapter on his founder.

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