: Nikola stock soars toward 8th-straight gain; EV maker responds to Founder Milton’s social media post

Shares of Nikola Corp. NKLA soared 20.7% toward a three-month high in premarket trading Friday, putting them on track for an eighth-straight gain. The electric vehicle maker’s stock has skyrocketed 159.3% the past seven sessions, since it closed at a record low of 54 cents on June 6. Nikola founder and former chief executive officer, Trevor Milton, said in a social media post on Thursday that had voted “no” on the company’s proposal to increase the shares outstanding “withhold all” on all board members, saying the company doesn’t need new shares, it needs new leadership. “The market has spoken since I blocked the extreme dilution proposal,” Milton said. “Nikola now has a chance to avoid being delisted or suffer a reverse split thanks to my vote and all those who voted NO.” The shareholder vote has been pushed back to July 6. Nikola responded to Milton’s post by saying it “misstates the facts,” as Milton is not able to “block” any proposal with his votes. The company added that Milton is in “direct violation” of his separation agreement in September 2020, as he had agreed to vote in favor of the directors nominated by the board. Even with the recent rally, Nikola’s stock has tumbled 35.2% year to date through Thursday, while the S&P 500 SPX has gained 15.3%.

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