Nikola partners back company despite founder Milton’s exit

Nikola partners back company despite founder Milton's exit


© Reuters. CEO and founder of U.S. Nikola Trevor Milton speaks during a news conference in Turin

(Reuters) – Nikola Corp (O:) Chief Financial Officer Kim Brady (NYSE:) said on Tuesday the electric-truck maker has the backing of all of its automotive partners even after the departure of founder and Chairman Trevor Milton.

Shares of the company were up nearly 2.4%, having lost about 19% in market value on Monday as Milton resigned following claims of nepotism and fraud by a Wall Street short-seller that have drawn interest from U.S. regulators.

“We feel very confident about due diligence that has been performed by our partners, and as you can see, our partners have been 100% supportive and behind us,” Brady told investors at a virtual conference organized by Evercore ISI.

General Motors Co (N:) and Germany’s Bosch said on Monday they were sticking to their alliances with Nikola.

“We recommend that investors really focus on the future, and what we have delivered, and what we are going to deliver,” Brady said.

Milton, who had strongly denied the accusations leveled by short-seller Hindenburg Research in several Twitter postings, appeared to have disabled his account on the social-media site on Tuesday.

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