Electric-truck maker Nikola is paying the U.S. Securities and Exchange Commission $125 million to settle civil charges of fraud .
. The penalty relates to claims about the company’s progress developing its vehicles made by former boss Trevor Milton, who has separately been hit with criminal charges .
Nikola went public by merging with a special-purpose acquisition company last year. The blank-check vehicle’s stock price rocketed as the deal neared and, at one stage, implied a valuation above $30 billion. Astarted the rot, then the SEC arrived. Shares closed at $9.25 on Thursday, below the SPAC’s original offering price of $10 and equating to an enterprise value of $3.2 billion, according to Refinitiv data.
On the one hand, the penalty is more than half the cash the SPAC brought to the deal, a significant dent. On the other, co-investors contributed an additional $525 million and established a value of $3.3 billion for the revenue-free Nikola enterprise. The company is now worth only a fraction less, the travails over Milton’s claims are now behind it, and the SPAC sponsors and Nikola insiders are still sitting on big gains.
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