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

Nikola shares jumped 18% on Thursday after the electrical truck maker accomplished supply of its first car.

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

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

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

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

A slew of pre-revenue electrical car start-ups sought to go public by means of SPAC offers following Nikola, which garnered regulators' consideration. Nikola was one in every of a minimum of 4 EV firms beneath investigation by federal businesses about probably deceptive traders.

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

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primarily based on web site supplies www.cnbc.com

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