The founder of Nicola sold the shares for 49 million

Founder of Embedded Electric Truck Start-up Nicola The company sold ্যের 49 million worth of shares, a transaction that was released Friday evening over the weekend.

Trevor Milton, who resigned seven months ago in the wake of a brief sales report and executive chair Complaints online, 3.5m Nicola shares were sold on Wednesday at a closing price of 13.89. The transaction was published two days later during trading hours on the Securities and Exchange Commission’s website, suggesting a desire to avoid the sale.

The price was above the 52-week low of .5 10.51, but the stock is a fraction of its June high of $ 93.99.

The Phoenix, Arizona-based firm declined to comment.

Both the U.S. Department of Justice and the SEC Nicola investigation Which the short-seller described Hindenburg Research as “a complex fraud”. The agency debated the feature but acknowledged that many statements about Milton Nicola’s progress and technological prowess were not entirely or partially incorrect.

The pre-revenue firm wants to sell heavy-duty electric trucks to customers who will provide a subscription to supply Nikola’s planned hydrogen fuel.

Last summer when Nicola attracted attention Went public Through mergers with acquisitions for a special purpose; Its name is not only related to the electric car maker Tesla (both honored in honor of the inventor Nikola Tesla), but also received a similar patent on Twitter as its founder Elon Musk. General Motors will announce in September it will accept it A pole In the company, however, after a brief vendor report and subsequent investigation, the deal dies down to a smaller contract for start-up delivery.

Milton made bold claims about Nikola in interviews, press releases and on social media. Milton’s assertion that an early truck called the Niccolo One could work perfectly was not wrong, as the company now claims. A now-infamous video preface illustrates this to make the truck look “moving.” Rolling down A hill.

Nikola is trying to release MiltonThe duration of the rear-view mirror. The company has abandoned plans to build a pick-up truck with GM and closed a division to build all-terrain vehicles and vessels. But so far it had to pay .1 8.1 million Legal fees.

Milton remains the largest shareholder in Nikola with 21 percent of the company. Chief executive Mark Russell owns the second largest share, just under 11 per cent.

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