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Nikola shares surge after firm delivers its first EV truck, says extra to come back

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Nikola shares rose on the Thursday after the The electric truck manufacturer has completed delivery of its first vehicle.

The stock’s surge came a day after the company announced on Twitter that it had first shipped to customers, suggesting more to come.

Earlier this week, Nikola said it agreed to pay the Securities and Exchange Commission $ 125 million to pay the fees that defrauded investors by misleading them about its products, technical capacity, and business prospects.

The SEC said Nikola was responsible for misleading claims made by company founder and former CEO Trevor Milton. He pleaded not guilty of fraud charges brought by the Justice Department in July.

Nikola went public in June 2020 by merging with a SPAC. The stock hit a record high of over $ 90 per share shortly after going public, but fell back completely on the regulatory investigation.

A number of pre-revenue electric vehicle startups attempted to go public after Nikola through SPAC deals, which caught the attention of regulators. Nikola was one of at least four EV companies that federal agencies were investigating for potentially misleading investors.

– CNBC’s Tom Franck and Mike Wayland contributed to the coverage.

Read more about electric vehicles from CNBC Pro

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