Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations

News

Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations

25.09.2020 News

Shares of Nikola fell to 36.45% over the last week.

Energy giant BP’s announcement on Wednesday that it is abandoning a potential partnership with Nikola, which exacerbated a number of problems faced by the startup in the recent days.

Nikola planned to organize the production of its cars in partnership with other large manufacturers and companies.

Nikola and GM entered into the partnership in the early September, announcing that it will produce Badger hydrogen pickup with GM parts and components in 2022. At the same time, GM will be the exclusive global supplier of fuel cell class ⅞ for trucks and efforts in marketing and sales are entrusted to Nikola.

Nikola also planned to create a fleet of hydrogen trucks, which will be leased and the infrastructure of filling stations for them with the involvement of the large partners for the construction and operation of the stations themselves.

The media reported that Nikola has the agreement with Nel ASA for the supply of equipment for electrolysis and refueling.

It was expected that on August 4 during the reporting conference, Nikola will announce the partnership this year. Production of the fuel cell semi-trailers was scheduled to begin in 2023 at the plant under construction at Nikola’s Coolidge, Arizona.

Some analysts have pointed to the unfounded growth of Nikola’s shares, considering that the company is a startup that does not yet produce its cars, but needs a huge investments and faces many risks.

However, the refusal to partner with BP was probably based on a recent scandal involving a Hindenburg Research report and the resignation of General director, founder of Nikola Trevor Milton.

On September 10, Hindenburg Research, a well-known short selling firm has published a report entitled: “Nikola: how to use the ocean of lies in partnership with the largest automotive OEM in America. ”

The report came a few days after GM announced it was acquiring an 11% shares in Nikola. Hindenburg has accused Trevor Milton of misrepresenting the company’s technology in order to grow and collaborate with car companies.

“We have gathered extensive evidence – including recorded phone calls, text messages, personal emails and behind-the-scenes photos – detailed dozens of erroneous statements by Nikola founder Trevor Milton, Hindenburg wrote. “We have never seen such a level of deception in a public company, especially of such magnitude.”

According to the media reports, The Securities and Exchange Commission (SEC) and the Ministry of Justice have launched an investigation into allegations that Nikola misled investors.

The Hindenburg publication said that in Nikola’s presentation video, the prototype of its truck was “towed to the top of the hill on a remote stretch of the road and to simply filmed rolling down to the hill.”

The video was constructed in the way to make it appear that the truck is moving on its own power plant on a level road.

Nikola rejected Hindenburg’s claims, calling the report “a hit for short selling caused by the greed.”

At the same time, the company did not clearly refute particular allegations.

As for the video, Nikola reported that “It was never said that his truck was powered by its own power plant, although the truck was designed for just that.”

In this case, the reason for the accusation may be that the company did not disclose this information, as there were no statements from the management that the truck did not work on its own.

“It has never been described as ‘driven by its own power plant’ or ‘drive transmission,'” informed the company. Nikola said that the investors were then aware of the possibilities of the prototype of the vehicle, calling the three-year-old video “inappropriate, except for the fact that the seller of short positions is trying to use it as the main thesis.”

The company said it had contacted the SEC and informed it of its “problems with the Hindenburg report.” Nikola has also sued the law firm over potential lawsuits.

Shares of the Nikola closed to 19 percent lower this Monday after the company announced of the sudden dismissal of its CEO, Trevor Milton, who has been under close scrutiny in recent days.

Milton has agreed to step down from his position and duties as executive chairman of the board, as well as from all other seats on the board of subsidiaries of the company, according to the report on the meeting of the Board of Directors on Sunday.

As the result, it is losing about to $ 166 million of the capital, as well as two-year consulting contract, worth to $ 20 million. At the same time, the media pointed out that Milton could go with shares worth more than $ 3.1 billion under the division agreement reached over the weekend.

Other articles

  • CEO Pfizer sold $ 5.6 million worth of shares
    News

    CEO Pfizer sold $ 5.6 million worth of shares

    On Monday, November 9, Pfizer CEO Albert Burla sold 62% of his shares in the pharmaceutical company. This was reported by Markers Insider, citing documents from the US Securities and Exchange Commission (SEC). On the same day, Pfizer and BioNTech announced that their experimental COVID-19 vaccine had been successfully tested. Albert Burla sold 132,508 shares […]

  • General Motors reports profit growth of 74%
    News

    General Motors reports profit growth of 74%

    Shares of General Motors, down by 3.7% since the beginning of the year, rose by 3.9% in trading after the company announced the results of the 3rd quarter, which ended on September 30. General Motors reported earnings per share increase of 65% to $ 2.83, which was higher than analysts expected $ 1.38. The amount […]

  • BP’s net loss for the nine months was $ 21.7 billion
    News

    BP’s net loss for the nine months was $ 21.7 billion

    According to the company’s reports, the net loss of the British oil and gas giant BP Plc., which belongs to shareholders, for the nine months of 2020 amounted to $ 21.663 billion against profit a year ago. In terms of shares, the diluted loss of BP amounted to $ 1.07 against a profit of $ […]

  • JP Morgan can pay a record fine for the market manipulation
    News

    JP Morgan can pay a record fine for the market manipulation

    American JP Morgan Chase & Co. could pay the fine of nearly $ 1 billion in the connection with the US government’s investigation into the bank’s operations, reported Bloomberg. “JP Morgan Chase & Co. is preparing to pay nearly $ 1 billion due to the US government’s investigation of the market manipulations related to its […]

  • IPO Snowflake may become one of the most popular in 2020
    News

    IPO Snowflake may become one of the most popular in 2020

    IPO Snowflake, which will take place on the NYSE, will be held at the higher price than announced in early September. On Monday, according to SEC applications, Snowflake, a company that makes storage software, raised its projected stock price to $ 100- $ 110, while the market valuation of the company could grow to $ […]

  • Global automakers have lost $ 250 billion due to the pandemic
    News

    Global automakers have lost $ 250 billion due to the pandemic

    Global automakers lost about $ 250 billion in the first half of this year due to the coronavirus pandemic. It is noted that Toyota Motor Corp. and Volkswagen AG – the world’s two largest automakers in terms of sales – suffered the largest significant revenue losses in the first half. “Japan’s Toyota lost $ 35.45 […]

  • Berkshire Hathaway sells shares of US banks by buying 21 mln. shares of Barrick Gold for $ 563 million
    News

    Berkshire Hathaway sells shares of US banks by buying 21 mln. shares of Barrick Gold for $ 563 million

    Last week, Berkshire Hathaway has submitted a report form 13F to the Securities and Exchange Commission (SEC) for the second quarter of 2020, by providing an updated information about its portfolio of shares for publicly traded companies. The portfolio of one of the most famous in the world of investment companies headed by Chairman and […]

Read also

Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

The GREENSTONE restructured obligations of the Creative

At the end of 2015 between UniCredit Leasing and GREENSTONE group was signed an agreement for more than $ 1.5 million. According to the agreement, The GREENSTONE will fulfill the  obligations of Creative  with respect to leasing trucks, agricultural vehicles and passenger cars. The agreement with UniCredit Leasing involves the renewal of the lease and […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

OPEC+ Countries Decided To Increase Oil Production

On July 15, OPEC + countries decided at a meeting to gradually increase oil production due to improved demand. “During a meeting of the ministerial monitoring committee, both co-chairs, Russian and Saudi energy ministers Alexander Novak and Prince Abdulaziz bin Salman, said that demand for oil was recovering and production could be increased, but the […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

Milkiland enters the markets of the Middle East and China

After the closure of the Russian market, Milkiland  determined priority markets of the European Union, the Middle East and China. CEO of the company Anatoly Yurkevich said it in an interview with “Business.” “We see a very simple way out of this situation: work in the domestic market, beginning to develop and manufacture products for […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

SoftBank will sell British Arm Holdings to American Nvidia

In the following days, the Japanese telecommunications holding Softbank intends to sell the large British manufacturer of microprocessors Arm Holdings to one of the world`s leaders in the production of graphics processors, chipsets and software, the American company Nvidia. The deal will be approximately of $ 40 billion. According to the Financial Times, the deal […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

The Ukrainian startup Blynk launched a joint product with the electronics manufacturer SparkFun

Ukrainian company Blynk, which develops software for creating its own IoT-applications, announced a contract with a major manufacturer of Electronics – SparkFun. In collaboration was created the product SparkFun Blynk Board. Blynk also entered the start package of the SparkFun IoT Starter Kit with Blynk. The fact that the startup conducts negotiations with a major […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

1 + 1 buys a large TV provider Viasat

1 + 1 media Group buys Ukraine’s largest satellite TV operator – Viasat. The seller was a Swedish media holding Modern Times Group (MTG). According to the informed sources, the amount of the deal could reach  300 – 500 million UAH ($ 15-20 million). The press service of the 1 + 1 media is short-spoken. […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

The Germans are buying up sugar factories in Ukraine: the crisis in the industry is over?

Radekhivskyi tsukor company, which is the largest producer of this product in Ukraine, has closed a deal to acquire 6 sugar factories previously owned by the company T-Tsukor. We are talking about: Borshchivskyi, Buchatskyi, Zbarazhskyi, Kozovsky, Lanovetskyi and Khorostkovskyi sugar factories, which are located in the Ternopil region. It is reported by the source delo.ua. […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

UkrAgroCom and Hermes-Trading dairy complex is recognized as breeding farms

“Petrikov milk” dairy complex got the status of a pedigree farm on breeding Holstein cattle in the area of ??dairy cattle breeding, said the press service of the UkrAgroCom and Hermes-Trading, which owns the complex. This status is assigned to the order of the Ministry of Agrarian Policy and Food of Ukraine on December 30, […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

Trump canceled the trade negotiations with China through a pandemic COVID-19

US President Donald Trump canceled the trade negotiations with China due to pandemic of coronavirus. The American leader has accused China in the spread of the virus in the world. The information was reported by Bloomberg. The trade agreement concluded in the first stage, which came into force in February, ensured a discussion of the […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

Jeff Bezos’ Wealth Soars to a Record $180 Billion

According to Forbes, the fortune of the world richest man, the head of the American corporation Amazon, Jeff Bezos, has exceeded a record $180 billion. It is noted that Bezos’ fortune increased because of rising share value of his company Amazon. According to the publication, Amazon’s capitalization reached $1.54 trillion. Thus, Bezos’ fortune (he owns […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

Shares of Twitter rose after the announcement of 74% revenue growth

Shares of Twitter, which rose 28.5% since the beginning of 2021 and 88.3% over the past 12 months, rose sharply by 5% after the publication of quarterly results above analysts’ forecasts. Twitter reported sharp revenue growth of 74% to $ 1.19 billion from a forecast of $ 1.06 billion. The company’s revenue growth in the […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

Johnson & Johnson suspends the study of the COVID-19 vaccine due to unexplained disease in the participant

Shares of the Johnson & Johnson may slow because the last stimulus to it was the company’s transition to the final clinical trial of the vaccine against COVID-19 on September 23, after which the shares rose by more than 5%. However, as of Tuesday, before the opening of trading, the price of J&J shares did […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

The film of a beginner director charmed social networks – more than 1 million views in two days!

French actress and director Maylis de Poncins, author of the sensual short film “Je suis dons tu es” (“I am, therefore you are”), became one of the favorites in the qualifying round of the Only 140 seconds and a lot of meanings – the film won’t leave you indifferent! Maylis de Poncins is a young actress who has proven […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

Poland will issue another five thousand transportation permits for Ukraine

At a meeting of the Joint Commission on International Road Transport Union, Ukraine and Poland agreed to allocate 5,000 additional permits for Ukrainian carriers for 2020. Vladyslav Kryklii, the head of the Ministry of Infrastructure announced it on Friday, November 20 on his Facebook page. “Our carriers will receive the first permits in early December. […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

The Unison Bank filed a lawsuit against the National Bank and the Deposit Guarantee Fund

The shareholders of the Unison Bank filed two lawsuits to the District Administrative Court of Kyiv, demanding to recognize the illegal and to cancel the decision of the Board of the NBU on the recognition of the bank insolvent. In the complaint the bank also requires to cancel the decision of the Deposit Guarantee Fund […]

Next
Nikola Shares fell to 25% after BP refused to agreement of the hydrogen stations
News

The AMCU starved the Ukrainian company of the brand Rehau

The Antimonopoly Committee drew the line under the proceedings between the Ukrainian “daughter” of the German firm Rehau and its namesake –  the Kyiv production company Rehau. Both work in the window market under the Rehau brand. By the decision of the AMCU the Rehau production company is obliged within a month to abandon from […]

Next
WP2Social Auto Publish Powered By : XYZScripts.com