Nikola Dives 15% After Share Lockup Period Expires, Reworked GM Deal
NEW YORK: Nikola Corp's stock dropped 15% on Tuesday, extending its recent drop as certain insiders were allowed to sell shares of the electric truck maker a day after General Motors Co revised its deal with Nikola.
The stock posted a fourth straight session of declines. The share lockup period expired on Monday, 180 days after the startup's June merger with VectoIQ Acquisition and its Nasdaq public debut.
Nikola shares sold off Monday after GM scrapped its deal that involved an equity stake in the startup and plans for building Nikola's Badger electric pickup truck. It replaced it with a non-binding agreement where GM will supply its fuel-cell system to Nikola.
Analysts at RBC cut their price target on the stock by $2 to $17 following the news. The stock closed Tuesday at $17.37.
Nikola's former boss Trevor Milton owns most of Nikola's locked up shares, and under U.S. Securities and Exchange requirements would need to file notice within two business days following a sale of his shares.
A spokesman for Milton, who owns 91.6 million shares in Nikola, declined to comment on Milton's plans for his stake.
Milton stepped down as executive chairman in September following a squabble with short-seller Hindenburg Research over allegations of nepotism and fraud.
The short-seller report came days after GM first said it would help scale up Nikola's Badger electric pickup production and take an 11% stake and $700 million, putting the deal under scrutiny.
As of Monday, Nikola's short-sellers were profitable in 2020, with a net-of-financing mark-to-market profit of $309 million for the year, according to a report Monday from Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners.
"More stock loan supply coming from Trevor Milton's potential stock sales should ease the pressure on stock loan rates but also help drive down its stock price as well," Dusaniwsky noted.
Shares of Nikola, which were at $33.75 after its early June market debut, surged to a record high of $93.99 later that month after Milton announced the company would start taking reservations for its highly anticipated Badger pickup.
PM Modi thanks Sri Lankan counterpart for appreciation on COVID-19 vaccine drive
New Delhi [India], January 17 (ANI): Prime Minister Narendra Modi on Sunday thanked his Sri Lankan counterpart Mahinda Rajapaksa for appreciation on launching the world's largest COVID-19 vaccination drive.
Maharashtra Halts Vaccination Till 19 Jan Due to CoWIN Glitch
It's mandatory for all to register themselves on the CoWin app before they can be called for the vaccine jab.
Kremlin critic Alexei Navalny is due to fly back to Russia on Sunday for the first time since he was poisoned last summer, despite the authorities' stated desire to arrest him and potentially jail him for years. Navalny, one of President Vladimir Putin's most prominent domestic critics, announced his decision to return from Germany on Wednesday, saying he missed Moscow and was not interested in what he called new fabricated criminal cases against him. Navalny, who is hoping for success in parliamentary elections in September, faces potential trouble in three other criminal cases too, all of which he says are politically motivated.
The News Minute
Telangana administers only Covishield on day one
Officials say Telangana has achieved 90% of the set target for vaccinations on day one of the nationwide drive.
Pak Senator vows to approach EU over human rights violations by National Accountability Bureau
Islamabad [Pakistan], January 17 (ANI): Senate Deputy Chairman Saleem Mandviwalla on Saturday announced that he would approach the European Union (EU) and other international human rights organisations against the violation of human rights by the National Accountability Bureau (NAB), reported Dawn.
Zango smashes world indoor triple jump record with 18.07m
Aubiere [France], January 17 (ANI): World Championships bronze medallist Hugues Fabrice Zango produced the first standout athletics moment of 2021 by sailing to a world indoor triple jump record of 18.07m in Aubiere on Saturday.
Serie A: Torino's home drought continues with draw against 10-man Spezia; Bologna snap winless run
Torino were unable to make most of man advantage and remain 18th after just two wins all season, matching their previous worst run after 18 games.
Washington, Jan 17 (PTI) Less than 100 hours ahead of his historic inauguration, US President-elect Joe Biden has either nominated or named at least 20 Indian Americans, including 13 women, to key positions in his administration, a new record in itself for this small ethnic community that constitutes one per cent of the country's population. As many as 17 of them would be part of the powerful White House complex.
Mahoba (UP), Jan 17 (PTI) In a suspected case of suicide, the body of a Dalit woman was found hanging from a tree here, police said on Sunday.
COVID-19 impact: Taj Mahal see decline in tourist footfall
Agra (UP), Jan 17 (ANI): The overall footfall of tourists has fallen down at the famous historical monument of India. Taj Mahal has been witnessing few attendances of both national and international tourists. The historical monument was closed for a long time period in 2020 due to COVID-19 pandemic. Speaking to ANI, the Superintending Archaeologist of Archaeological Survey of India (ASI) in Agra Circle, Dr Vasant Kumar Swarnkar said, "As compared to 2019, tourists' footfall has fallen by 76% at Taj Mahal in 2020." Taj Mahal is one of the popular World Heritage Site of United Nations Educational, Scientific and Cultural Organization (UNESCO) in India.
Latestly
Suhana Khan's Birthday Post For Cousin Alia Chhiba Is Too Hot To Handle!
Suhana is often seen chilling with her cousin Alia Chhiba and whenever these two stunners come together for a picture or video, it sets the internet on fire.