(Bloomberg) — Nikola Corp.’s founder sold more than $76 million of shares in another round of disposals after he was charged with securities fraud, bringing his total divestment to more than $153 million.
Former executive chairman Trevor Milton offloaded more than 7.5 million shares, the second such series of transactions since he pleaded not guilty late last month to misleading investors about Nikola. He and his spouse still own some 64.6 million shares, according to a securities filing.
Milton was charged by prosecutors on July 29 with making false statements about the electric-vehicle startup to boost its stock. The U.S. Justice Department and Securities and Exchange Commission have alleged he deceived investors to enrich himself.
Days after Milton’s indictment, Nikola announced it was facing numerous delays acquiring parts and expected to deliver just 25 to 50 vehicles this year, down from a previous estimate of 50 to 100 vehicles. Even those numbers may be unattainable if parts shortages drag on, Chief Executive Officer Mark Russell said.
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