South Korea’s Hanwha Group intends to promote half its stake in electric-truck maker Nikola Corp.
In keeping with a Securities and Trade Fee submitting dated Tuesday, Hanwha plans to promote about 11 million shares, price about $180 million as of Wednesday’s closing worth of $16.39 a share.
“Hanwha stays an vital strategic associate and continues to play an energetic position on Nikola’s board of administrators,” Nikola mentioned in an emailed assertion Wednesday evening.
Hanwha Group is a conglomerate that features monetary companies, aerospace and photo voltaic power. Nikola has beforehand mentioned Hanwha would construct photo voltaic panels to generate clear electrical energy to provide renewable hydrogen to be used in gasoline cells.
It’s the second of Nikola’s strategic companions to scale back its stake in current months; in December, fuel-cell provider Robert Bosch Gmbh bought about 4 million of its shares, decreasing its stake in Nikola from 6.4% to 4.9%. Moreover, Nikola’s largest shareholder, founder Trevor Milton — who resigned as the corporate’s government chairman in September — bought greater than 550,000 shares, price about $8 million, earlier this month, in accordance with an SEC submitting. Milton nonetheless has almost 83 million shares, or a 21% stake within the firm.
On Monday, Nikola introduced it could promote $100 million in shares, with proceeds going to tasks together with the development of its Arizona manufacturing facility and additional growth of its renewable-energy infrastructure.
Nikola shares have slid about 66% since September, when short-seller Hindenburg Analysis claimed the corporate misled traders in an “intricate fraud.” Nikola has strenuously denied the allegations. Earlier this month, Nikola inventory was downgraded by J.P. Morgan, whose analysts expressed concern over its valuation.
Nikola inventory
NKLA,
is down about 7.4% 12 months thus far, in comparison with the S&P 500’s
SPX,
5.8% achieve this 12 months.