Nikola Corporation
Electric- and hydrogen-powered truck maker founded in 2014
- Entries
- 13
- On the record
- 7
- Stories
- 1
- Latest entry
- Sep 12, 2025
The record
Nikola Corporation designed and built heavy-duty battery-electric and hydrogen fuel-cell trucks, with headquarters in Phoenix, Arizona, and a factory in Coolidge, Arizona. It became a public company on June 3, 2020, by merging with VectoIQ Acquisition Corp., a blank-check company, and had about 940 employees at the end of 2024. A short-seller article in September 2020 was followed by shareholder suits and an SEC investigation, and in July 2021 the SEC charged founder Trevor Milton with fraud.
In December 2021 Nikola agreed to a $125 million civil penalty to settle SEC findings that it misled investors about its technology, in-house production, hydrogen production and truck orders, without admitting or denying them; $80.2 million of that penalty was still recorded as owed at the end of 2024. In October 2023 an arbitration panel awarded the company about $165 million plus interest against Milton. The same year it recalled its battery-electric trucks after a battery pack thermal event.
Nikola filed for Chapter 11 in Delaware on February 19, 2025, and sold substantially all of its assets, including a sale to Lucid Group for $10.0 million plus $7.0 million earmarked for truck retrofits. Its stock left Nasdaq in April 2025. The bankruptcy court confirmed a plan of liquidation in September 2025 under which the company's shares are cancelled and shareholders receive nothing; a shareholder class action in Arizona was still pending when the company filed its last annual report.
Roles and honours on the record
- 2020-2025 Nasdaq-listed company after its June 3, 2020 merger with VectoIQ Acquisition Corp.; delisted effective April 14, 2025 source
- as of 2024 Maker of heavy-duty fuel-cell and battery-electric trucks, headquartered in Phoenix, Arizona, with about 940 employees source
- 2021 Respondent in an SEC cease-and-desist proceeding, settled with a $125 million civil penalty source
- 2025 Chapter 11 debtor, U.S. Bankruptcy Court for the District of Delaware source
Every entry, newest first
- Reported
Nikola filed for Chapter 11 bankruptcy protection, per the Associated Press. Trevor Milton pardoned after 4-year Nikola fraud sentence
- Ruled
SEC cease-and-desist order against Nikola, accepted on settled terms, without admitting or denying the findings. Trevor Milton pardoned after 4-year Nikola fraud sentence
Stories in this file
The record, entry by entry
- 2020-06-03 Official VectoIQ Acquisition Corp. completed its merger with Nikola under a business combination agreement dated March 2, 2020, taking Nikola public. Nikola Form 10-K for 2024 (SEC EDGAR)
- 2020-09-23 Filed The first shareholder derivative suits were filed in federal court in Delaware against current and former directors, alleging breaches of fiduciary duty, after a short-seller article published that month. Nikola Form 10-K for 2024 (SEC EDGAR)
- 2021-07-29 Filed The SEC charged founder and former CEO and executive chairman Trevor Milton with fraud in the Southern District of New York, alleging false or misleading statements, mostly on social media, about Nikola's products and achievements. SEC press release 2021-141
- 2021-12-21 Official Nikola agreed to pay a $125 million penalty to resolve SEC findings that it violated antifraud and disclosure-control provisions, without admitting or denying the findings. SEC press release 2021-267
- 2023 Official Nikola began a voluntary recall of its battery-electric trucks in the third quarter after investigations prompted by a battery pack thermal event, and accrued $65.8 million in recall costs for the year. Nikola Form 10-K for 2024 (SEC EDGAR)
- 2023-02-02 Ruled The U.S. District Court for the District of Arizona dismissed the consolidated shareholder class action without prejudice; on December 8, 2023 it granted in part and denied in part the motion to dismiss the amended complaint. Nikola Form 10-K for 2024 (SEC EDGAR)
- 2023-10-20 Ruled An arbitration panel in New York awarded Nikola about $165.0 million plus interest against Milton; the award was confirmed in federal court in Arizona, and the company said recovery was not guaranteed. Nikola Form 10-K for 2024 (SEC EDGAR)
- 2025-02-19 Filed Nikola and certain subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware and sought a court-supervised sale of their assets. Nikola Form 8-K (SEC EDGAR)
- 2025-04-10 Official Nikola sold certain assets to Lucid Group for $10.0 million, plus $7.0 million to fund its obligation to retrofit battery-electric trucks. Nikola Form 10-K for 2024 (SEC EDGAR)
- 2025-04-14 Official The voluntary delisting and deregistration of Nikola's common stock took effect; Nasdaq had suspended trading on February 26, 2025. Nikola Form 10-K for 2024 (SEC EDGAR)
- 2025-09-12 Ruled The bankruptcy court entered its written order confirming Nikola's plan of liquidation, after a September 5 bench ruling; under the plan its common stock is cancelled and shareholders receive no distribution. Nikola Form 10-K for 2024 (SEC EDGAR)
Documents
- SEC order instituting cease-and-desist proceedings, In re Nikola Corporation, Release No. 33-11018 (Dec. 21, 2021)
- SEC press release 2021-267, Nikola to pay $125 million
- SEC complaint, SEC v. Trevor R. Milton, S.D.N.Y. No. 1:21-cv-6445 (July 29, 2021)
- Nikola Form 8-K reporting the Chapter 11 filing (Feb. 19, 2025)
- Nikola Form 10-K for fiscal 2024, filed Oct. 9, 2025