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Nikola to Pay $125 Million SEC Penalty Over Milton Comments

  • Founder misled investors on business prospects, regulators say
  • Nikola didn’t admit or deny wrongdoing in settling the claims
Nikola Corp. Founder Trevor Milton leaves federal court in New York, on July 29.

Nikola Corp. Founder Trevor Milton leaves federal court in New York, on July 29.

Photographer: Angus Mordant/Bloomberg
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Nikola Corp. will pay a $125 million penalty to the U.S. Securities and Exchange Commission over allegedly misleading statements its founder and former chief executive officer made to investors about the electric-vehicle startup.

The former CEO, Trevor Milton, deceived investors about the company’s technological advancements, in-house production capabilities and truck reservations, according to an SEC statement Tuesday. Nikola settled the SEC’s allegations without admitting or denying wrongdoing.