Nikola Corp. shares fell 16.1% in Wednesday’s pre-market trading
This puts NKL on the path to breaking a record winning streak in eight days, in which the electric truck maker’s shares soared 76.3%.
In an interview Tuesday on CNBC’s “Mad Money with Jim Cramer” channel, Chief Executive Mark Russell did not reassure investors that the partnership with General Motors Corp announced in September, which included GM taking a stake of $ 2 billion at Nikola, was yet to materialize. Also in the interview, Russell said he could not comment on what founder Trevor Milton, who resigned from the company in September, would do with 92.2 million common shares of Nikola he owned when the blockade expires on December 1, although many others insiders have agreed to extend their blocking deals until April 30, 2021.
In total, 161 million shares, or about 42% of the outstanding common shares, will become eligible for sale on December 1, as blocking contracts expire. The liquidation of Nikola’s shares on Wednesday comes with the shares of other electric vehicle manufacturers retreating before the opening, with:
aTesla Inc. down 1.5%
Nio Inc. down 8.8%
Workhorse Group Inc. down 9.4%.
Meanwhile, Nasdaq 100 futures were up 0.1% before the opening and S & amp; P 500 futures were down 0.1%.