US Nikola’s logo appears at a CNH event partnering with US Nikola to showcase new all-electric and hydrogen fuel cell trucks at an event in Turin, Italy, on December 3, 2019.
Massimo Pinca | Reuters
Detroit – Stocks Nikola Shares closed down 27.8% on Thursday after reports that the troubled electric truck maker was exploring options to sell part or all of its business.
The stock closed at 85 cents a share on Thursday and hit a 52-week low of 76 cents before the end of trading.
Bloomberg News report of a potential sale Thursday afternoon, noting that other possibilities being considered include bringing in partners and raising new capital.
Three months ago, Nikola warned investors on its third-quarter conference call that it only had enough cash to support its business through the first quarter of 2025, but not beyond that. Nikola reported cash of $198 million at the end of the third quarter.
Nikola shares plummeted.
Chief Executive Steve Girsky, a major Nikola shareholder, said on the earnings call that the company is “actively talking to a number of different potential partners who value what we do and what we do.” What we build.
Girsky, former bank analyst General Motors In June 2020, Nikola went public through its special purpose acquisition company (SPAC).
Just like Nikola, most if not all have failed to live up to their initial expectations. Many, including Nikolai, were at the center of federal investigations, scandals and administrative turmoil.
Nikola did not immediately respond for comment. Bloomberg reports.
