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Nikola founder Milton unloads $284 million of inventory since prison indictment

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Nikola Corp.’s founder offered his largest batch of shares for the reason that U.S. charged him with securities fraud, bringing the overall he’s unloaded since August to $284 million.

Trevor Milton offloaded 11.7 million shares price about $131 million in a collection of transactions that ended Tuesday, in response to a regulatory submitting. Nikola’s former government chairman offered about $153 million of inventory in two rounds of disposals in August, weeks after pleading not responsible to expenses he misled traders.

Milton made false and deceptive statements relating to virtually all features of Nikola’s enterprise, in response to a prison indictment unsealed in July.

Federal prosecutors took problem together with his claims in regards to the startup’s first semi-truck prototype, which was inoperable; a battery-electric and hydrogen-powered pickup that amounted to little greater than design sketches; and Nikola’s hydrogen manufacturing capabilities, battery-development work and buyer orders.

Nikola introduced earlier this month it was in talks with the U.S. Securities and Change Fee to resolve its investigation and expects to pay a $125 million civil penalty. The corporate ended September with about $587 million in money.

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