What's Going On With Nikola Stock Tuesday?

Nikola Corp NKLA shares are trading higher Tuesday. The company was awarded $165 million in arbitration from its founder. 

What Happened: In a new regulatory filing, Nikola said an arbitration panel awarded the company approximately $165 million plus interest in an arbitration proceeding with the company's founder and former executive chairman Trevor Milton. 

Nikola sought reimbursement for costs and damages related to previous actions which resulted in regulatory investigations and an SEC settlement related to fraud. The company also noted that it intends to file an application to seek reimbursement for attorney fees. 

Nikola is scheduled to report third-quarter financial results on Nov. 2. According to estimates from Benzinga Pro, the company is expected to report a loss of 15 cents per share and revenue of $15.024 million.

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NKLA Price Action: Nikola shares are down about 47% since the start of the year. The stock was up 18.4% at $1.13 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.