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Settlement Agreement Confirmed By Nikola With US Securities And Exchange Commission

TNI || New Delhi || 22nd Dec 2021

World leader in zero-emission transportation and providing energy infrastructure solutions, Nikola Corporation, has announced a final resolution with the US Securities And Exchange Commission.

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The resolution puts out the fact that the company has agreed to pay a sum of 1.5 million dollars to the Securities And Exchange Commission.

This penalty will be paid in five installments over the next two years. As per the reports, the first installment is due by the end of this year, and the remaining installments will be paid semi-annually till 2023.

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Nikola had previously disclosed in November’s first week that it had taken an amount of 125 million dollars reserve in the third-quarter earnings to pay off the expected settlement.

In a statement given by Nikola, it said that they are glad this chapter is coming to an end and the company has resolved all government investigations which have been going on.

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The statement added that Nikola would continue to expand its corporate strategy and vision to deliver on its business plan, which will include giving out trucks to customers, sales and service network expansion, enhancing manufacturing facilities, and also building an ecosystem on hydrogen infrastructure which will have its product distribution as well as dispensing of stations.

As far as the settlement is concerned, Nikola has taken action against its founder Trevor Milton and will seek reimbursement for costs and damages it has incurred on government and regulatory investigations.