South Korea’s Hanwha Group plans to sell half the bet in electric truck maker Nikola Corp.
According to a Securities and Exchange Commission filing dated Tuesday, Hanwha expects to sell about 11 million shares, valued at about $ 180 million as Wednesday’s closing price of $ 16.39 per share.
“Hanwha remains a key strategic partner and continues to play an active role on Nikola’s board of directors,” Nikola said in an email statement Wednesday night.
Hanwha Group is a conglomerate that includes financial services, aerospace and solar energy. Nikola has previously said that Hanwha would build solar panels to generate clean electricity to produce renewable hydrogen for use in fuel cells.
The second of Nikola ‘s strategic partners is to reduce its commitment a few months ago; in December, fuel cell supplier Robert Bosch Gmbh sold about 4 million of its shares, reducing interest in Nikola from 6.4% to 4.9%. In addition, Nikola’s largest shareholder, founder Trevor Milton – who resigned as the company’s executive chairman in September – sold more than 550,000 shares, valued at about $ 8 million, than earlier this month, according to the SEC filing. Milton still holds nearly 83 million shares, or a 21% stake in the company.
On Monday, Nikola announced it would sell $ 100 million in shares, with money going to projects including the construction of its manufacturing facility in Arizona and further development of renewable energy infrastructure. aige.
Nikola shares have slipped about 66% since September, when short seller Hindenburg Research said the company had deceived investors in “complex fraud. Nikola has denied the allegations. Earlier this month, Nikola’s stock was downgraded by JP Morgan, whose analysts expressed concern about the valuation.
Nikola NKLA Stock,
it’s down about 7.4% a year to date, compared to the S&P 500’s SPX,
A gain of 5.8% this year.