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.

See Also: Why AppTech Payments (APCX) Stock Is Getting Hammered

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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsPenny StocksSmall CapMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!