A regulatory filing from Nikola has revealed that former chief executive and founder Trevor Milton has been ordered to pay the company about $165 million in damages. The update appears to have been appreciated by investors, as NKLA stock ended the day up 8.9%.
Nikola stated that an arbitration panel in New York determined last week that the company was due the funds over costs and damages that it incurred due to its previous CEO’s controversial actions.
“On October 20, 2023, an arbitration panel in New York, New York awarded Nikola Corporation (the “Company”) approximately $165 million plus interest in an arbitration proceeding with the Company’s founder and former executive chairman.
“The Company had sought reimbursement from its founder and former executive chairman for costs…
Read the full article originally published at www.teslarati.com.