Nikola confirms settlement agreement with SEC

Today, Nikola Corporation (Nasdaq: NKLA) announced a resolution with the U.S. Securities and Exchange Commission.

Nikola has agreed to pay $125 million to the SEC in five installments over two years as part of the resolution. The first installment will be paid by the end of 2021, and the remaining installments will be paid semiannually through 2023. The company previously disclosed on November 4, 2021, that it had taken a $125 million reserve in its third-quarter earnings to account for the expected settlement.

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Nikola commented further:

“We are pleased to bring this chapter to a close as the company has now resolved all government investigations. We will continue executing 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 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.”

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