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FinanceNikola shares surge after company delivers its first EV truck, says more...

Nikola shares surge after company delivers its first EV truck, says more to come

CEO and founding father of U.S. Nikola, Trevor Milton speaks throughout presentation of its new full-electric and hydrogen fuel-cell battery vehicles in partnership with CNH Industrial, at an occasion in Turin, Italy December 2, 2019.

Massimo Pinca | Reuters

Nikola shares jumped 20% on Thursday after the electrical truck maker accomplished supply of its first automobile.

The surge within the inventory got here a day after the company announced on Twitter that its first buyer supply is completed, signaling more to come.

Earlier this week, Nikola mentioned it agreed to pay the Securities and Exchange Commission $125 million to settle expenses it defrauded traders by deceptive them about its merchandise, technical capability and enterprise prospects.

The SEC mentioned Nikola is chargeable for deceptive claims made by the company’s founder and former chief govt officer, Trevor Milton. He pleaded not responsible to fraud expenses introduced by the Justice Department in July.

Nikola went public in June 2020 by merging with a SPAC. The inventory hit a report excessive above $90 a share quickly after the IPO however got here all the best way again down due to the regulatory probe.

A slew of pre-revenue electrical automobile start-ups sought to go public by SPAC offers following Nikola, which garnered regulators’ consideration. Nikola was certainly one of at the very least 4 EV firms below investigation by federal companies about probably deceptive traders.

— CNBC’s Tom Franck and Mike Wayland contributed reporting.

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