Nikola Corp. will pay a $125 million penalty to the U.S. Securities and Exchange Commission over allegedly misleading statements its founder and former chief executive officer made to investors about the electric-vehicle startup.
The former CEO, Trevor Milton, deceived investors about the company’s technological advancements, in-house production capabilities and truck reservations, according to an SEC statement Tuesday. Nikola settled the SEC’s allegations without admitting or denying wrongdoing.
“Nikola Corp. is responsible both for Milton’s allegedly misleading statements and for other alleged deceptions, all of which falsely portrayed the true state of the company’s business and technology,” said Gurbir Grewal ...
