Nikola agrees to pay $125 million to settle fraud charges by SEC amid SPAC crackdown

• Nikola did not admit or deny the SEC’s findings and has decided to cooperate with the investigation

• SEC found Milton misled investors about technological advancements, production capabilities, hydrogen production, reservations book, and financial outlook

Nikola Corp has agreed to pay $125 million to the U.S. Securities and Exchange Commission (SEC) to resolve fraud charges that it deceived investors by misleading them about its products, technical capacity and business prospects.

Shares of the EV truck maker jumped over 1.7% and opened at $9.41 after the agreement.