(Updates that the company says contacted the SEC “proactively” in the third paragraph).
Nikola Corp. , affected by accusations of fraud and misrepresentation through an analyst who has a short position in his actions, today issued a detailed rebuttal refusing his report which, according to the company, he scheduled to take credit for the author’s bet that the hydrogen truck manufacturer Stocks would fall. Nikola also stated that he had contacted the Securities and Exchange Commission on this matter.
In addition, Nikola said in a follow-up that his legal suggestion had “proactively contacted and informed” the SEC regarding his considerations on the September 11 report.
Bloomberg reported that the regulator “is reviewing Nikola Corp. to assess the merits of an overdraft seller’s claims that the electric truck manufacturer misled investors about their business prospects,” and brought out other anonymous people familiar with the matter. account or comment on the case to Forbes.
The Sept. 10 report, “Nikola: How to Protect Yourself from a Sea of Lies in a Partnership with America’s Largest Auto Manufacturer” via Nate Anderson, a CFA whose Hindenburg Research specializes in forensic monetary analysis, contributed to a 24% drop in Nikola shares last week. Among his accusations, the “revolutionary” battery formula Nikola, founder and CEO of Milton, said that the company that operated last year did not exist and that the company claimed to have designed technologies and auto parts purchased from other manufacturers. ” We have never noticed this point of deception in a public company, especially of this size, “Anderson said.
“Nikola is a news article now and it’s about execution by 2023,” wedbush inventory analyst Daniel Ives said in a study report published today. He has an unbiased score on stocks.
If Trevor and the team can effectively build their plant in Arizona, turn prototypes into models (both in Badger and on the truck front), lay the groundwork for their cargo network and catalyze delivery truck orders with a gross margin structure, then NKLA’s opportunity is enormous and the inventory will reflect this dynamic. Ives said, “Obviously, there’s a lot of wood to cut to get there over the next 12 to 18 months and it’s still a title”, become me “in the eyes of investors with bears jumping on” Hindenburg’s story.
Among the key questions of Nikola’s response, his “revolutionary” statements about drums did not just concern his association with British technology company ZapGo, which collapsed this year. “Possible advances in battery generation are linked to a continuous partnership of research and confidential development with a leading educational institution, not ZapGo. The company is excited about possible advances similar to its next-generation battery generation,” Nikola said.
Still, Nikola said last week that he would use GM’s new Ultium drum formula in the foreseeable long run because it would result in significant savings, Milton told Forbes last week.
Nikola also disputed Hindenburg’s claims that a semi-electric Nikola One prototype he introduced in 2016 is not a functional model, claiming that it can be driven by its own propulsion and equipped with a functional gearbox, batteries, inverters, motors, forced steering, suspension and others. The company suspended some progression paints in a battery-only edition of Truck One at the time, when it turned to hydrogen for long-range trucks.
Nikola’s rebuttal noted that Tre electric truck deliveries begin in late 2021 as promised, having also published images of five semi-finishing verification versions built through his CNH spouse’s IVECO advertising vehicle unit in Ulm, Germany, which expired last week. The Hindenburg report said that in July 2020, no cars were produced. Bosch is working with Nikola on this task and is “aligned with the product roadmap for the Tre truck,” Nikola said.
Hindenburg’s claims are “false and misleading, and are designed to manipulate the market in order to obtain the merit of a decline in Nikola’s percentage price,” the company said. “Nikola builds an innovative and revolutionary generation from scratch. As a component of this procedure and as a component of the evolution, expansion and progression of the company, Nikola has agilely rotated his business style according to industry, macroenvironant, generation and other points in the search for the path of maximum value creation. “
From Los Angeles, the U. S. capital of automobiles and congestion, I check to understand the technological adjustments that are reshaping transportation, cities, and the way we move.
From Los Angeles, the U. S. capital of automobiles and congestion, I check to understand the technological adjustments that are reshaping transportation, cities, and the way we move.