Nikola disclosed on Tuesday that an arbitration panel has awarded it $165 million in damages from its disgraced founder and former CEO, Trevor Milton.
An arbitration panel awarded Nikola $165 million in damages from its founder and ex-CEO Trevor Milton.
Milton left the company in 2020 and was subsequently convicted of fraud related to false statements he made about Nikola's tech.Shares were up about 10%, trading at a little more than $1. The company's market value was nearly $379 million as of Tuesday afternoon. Nikola said that an arbitration panel in New York determined last week that Nikola was due the funds for"costs and damages arising from actions that were the subject of government and regulatory investigations, including the December 2021 Securities and Exchange Commission settlement and associated civil penalty."Nikola said in a statement that it intends to seek reimbursement for its attorneys' fees as well.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nikola awarded $165 million in arbitration proceeding with founder Trevor MiltonNikola Corp. has been awarded $165 million in an arbitration proceeding with its founder and former executive chairman.
Read more »
Nikola Claws Back $165 Million From Disgraced Founder Trevor MiltonI cover advanced transportation and climate-oriented technology and co-write the Current Climate newsletter.
Read more »
Nikola's shares surge after disgraced founder Trevor Milton ordered to repay $165 millionNikola disclosed on Tuesday that an arbitration panel has awarded it $165 million in damages from its disgraced founder and former CEO, Trevor Milton.
Read more »
Nikola's shares surge after disgraced founder Trevor Milton ordered to repay $165 millionNikola disclosed on Tuesday that an arbitration panel has awarded it $165 million in damages from its disgraced founder and former CEO, Trevor Milton.
Read more »
LEGO Dune Set Costing $165 With 8 Movie-Accurate Minifigures (Including Absurdly Tall Baron) Releasing Next YearNew images reveal an upcoming Dune LEGO set, which will include the Atreides’ Royal Ornithopter and 8 minifigures, including Baron Harkonnen.
Read more »
Lakers vs. Nuggets prediction: LeBron James gets Nikola Jokic revenge on NBA opening nightThe Nuggets are home favorites against the Lakers as they kick off their title defense.
Read more »