Electric semitruck startup Nikola disclosed in a regulatory filing Thursday it has set aside $125 million for a potential settlement with the Securities and Exchange Commission (SEC) regarding fraud allegations raised in a short-seller report in September 2020.
Nikola first disclosed last year it had received subpoenas from the SEC and the Department of Justice regarding the fraud allegations. The SEC also subpoenaed eight Nikola officers and employees and its directors, while both the company and its founder, Trevor Milton, were issued grand jury subpoenas from the U.S. Attorney’s Office for the Southern District of New York.
