Nikola disclosed on Tuesday that an arbitration panel has awarded it $165 million in damages from its disgraced founder and former CEO, Trevor Milton.
An arbitration panel awarded Nikola $165 million in damages from its founder and ex-CEO Trevor Milton.
Milton left the company in 2020 and was subsequently convicted of fraud related to false statements he made about Nikola's tech.Shares were up about 10%, trading at a little more than $1. The company's market value was nearly $379 million as of Tuesday afternoon. Nikola said that an arbitration panel in New York determined last week that Nikola was due the funds for"costs and damages arising from actions that were the subject of government and regulatory investigations, including the December 2021 Securities and Exchange Commission settlement and associated civil penalty."Nikola said in a statement that it intends to seek reimbursement for its attorneys' fees as well.
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