Electric semitruck startup Nikola agreed to pay $125 million to settle charges brought by the Securities and Exchange Commission (SEC) for defrauding investors by misleading them about its products, technical advancements, and commercial prospects.
The settlement follows the SEC’s litigated action filed earlier this year against Trevor Milton, the company’s founder and former chief executive officer and executive chairman. Nikola disclosed in November it had reserved $125 million for the expected settlement.
