Nikola Corp Chief Executive Mark Russell said Wednesday he is confident the electric and hydrogen fuel cell vehicle startup will close a deal with an energy partner, and he defended the company's technology and strategy against a short-seller's fraud allegations...
Chief Executive Mark Russell said Wednesday he is confident the electric and hydrogen fuel cell vehicle startup will close a deal with an energy partner, and he defended the company's technology and strategy against a short-seller's fraud allegations, sending shares up almost 21% at one point.
Short-seller Hindenburg Research released a scathing report on Sept. 10 that called Nikola a “fraud” and said Nikola founder and former Executive Chairman Trevor Milton had made false claims about Nikola’s proprietary technology. Nikola's shares have lost more than half their value since announcing on Sept. 8 a prospective alliance with General Motors CoOn Wednesday, Nikola stepped up its efforts to regain investor support with a lengthy statement defending its business model and technology. It reaffirmed its timetable for launching vehicles and announcing partnerships.
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