Nikola’s stock selloff accelerates as shares fall below $10
Esha Dey
Nikola Corp. shares fell Tuesday to the lowest since December 2018, accelerating a selloff that has now erased all their gains since the electric-vehicle startup went public via blank-check company last year.
The electric-truck maker – once briefly more valuable than Ford Motor Co. – closed down 6.2% at $9.65 in New York, bringing it below the $10 level at which VectoIQ Acquisition Corp., the special-purpose acquisition company that acquired Nikola, debuted in June 2018.
Nikola’s shares have lost their luster after much fanfare since it closed its reverse merger with VectoIQ in June 2020. That month, it rallied to an intraday high of $93.99, catapulting Nikola’s market capitalization above $28 billion. The company’s valuation has since slumped to $3.8 billion.
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Gainers
Marlin Business Services Corp. (NASDAQ: MRLN) shares surged 50.7% to close at $21.46 on Monday after the company enters into a definitive agreement to be acquired by funds managed by HPS Investment Partners for $23.50 per share in cash.
Knoll, Inc. (NYSE: KNL) rose 35.2% to settle at $23.30 after the company announced it would be acquired by Herman Miller for $11 in cash and 0.32 shares of the combined company per Knoll share owned.
China Green Agriculture, Inc. (NYSE: CGA) jumped 28.3% to settle at $16.87 after climbing over 20% on Friday.
TDH Holdings, Inc. (NASDAQ: PETZ) gained 27.8% to close at $2.71.
Event provided valuable information for EV startup
Apr 20, 2021
LORDSTOWN Lordstown Motors Corp. gained valuable insight into the performance of its battery-powered pickup despite not finishing the grueling SCORE San Felipe 250 baja race, according to the company.
The truck, an off-road version of the startup’s Endurance, made it less than 40 miles of the 280-mile race Saturday. On Monday, company CEO Steve Burns said that’s because navigating the desert terrain required more power than anticipated.
At the first charging stop after stage 1, data showed energy consumption was four times greater than the normal level, which the company set at normal road conditions at 200-feet elevation. Going into the race, Lordstown Motors estimated power usage would be three times more, according to company.