Bulletins

Nikola hopes to settle SEC charges for $125 million. It wants its former CEO to pay.

Nikola has a $5.6 billion market cap despite reporting a $267.6 million net loss for the quarter ended Sept. 30, 2021.

Nikola Badger

Nikola founder Trevor Milton was charged with fraud.

Image: Nikola

Electric truck manufacturer Nikola revealed in a filing today that it's working on a $125 million settlement with the SEC over allegations of misleading statements. The company noted that "any settlement is contingent on a vote of the Commissioners of the SEC."

Nikola also said it intends to seek reimbursement from its former CEO, Trevor Milton, who was charged with three counts of fraud in July.

The announcement of the potential settlement came as part of Nikola's Q3 2021 earnings release. The company reported no revenue and a $267.6 million net loss for the three months ended Sept. 30, 2021. Investors are still bullish on the company, which had a $5.6 billion market cap as of this writing.

Hirsh Chitkara

Hirsh Chitkara ( @HirshChitkara) is a reporter at Protocol focused on the intersection of politics, technology and society. Before joining Protocol, he helped write a daily newsletter at Insider that covered all things Big Tech. He's based in New York and can be reached at hchitkara@protocol.com.

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