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Nikola's Talks With Energy Firms Stalled After Short-Seller Report

Potential partners have been reluctant to move forward with Nikola amid the heightened scrutiny, but a deal could still come together, a recent report suggested.

Nikola's shares sank again on Wednesday, falling 26 per cent to $21.15 expand View Photos
Nikola's shares sank again on Wednesday, falling 26 per cent to $21.15

Nikola Corp's talks with energy firms including BP PLC to build hydrogen-refuelling stations have been stalled following a short-seller's allegations that the electric automaker misled investors, the Wall Street Journal reported.

Potential partners have been reluctant to move forward amid the heightened scrutiny, but a deal could still come together, the report said on Wednesday, citing people familiar with the matter.

Nikola and BP did not immediately respond to Reuters requests for comment.

The electric-truck maker's shares sank again on Wednesday, falling 26 per cent to $21.15.

Also Read: Nikola Share Slump Deepens As Founder Resigns

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In a scathing report two weeks ago, short-seller Hindenburg Research said it had enough evidence to show Nikola and its founder Trevor Milton made false claims about the company's proprietary technology to form partnerships with automakers.

Following the allegations, Milton quit, but Nikola's Chief Financial Officer Kim Brady said on Tuesday the company has the backing of all its existing automotive partners.

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Nikola has publicly rejected the accusations and has threatened to take legal action against Hindenburg.

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