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Nicolas founder Trevor Milton has resigned as executive chairman

Trevor Milton, CEO of Nicholas

Massimo Pink | Reuters

Nicholas announced early Monday that founder Trevor Milton has resigned as executive chairman.

The electric truck company said the board had accepted Milton’s resignation from the role and board. Stephen Girski, a former vice president of General Motors and a member of Nicola̵

7;s board, has been appointed chairman of the board, which takes effect immediately.

“Nicholas is really in my blood and always will be, and the focus should be on the company and its world-changing mission, not on me,” Milton said in a statement. “That’s why I made the difficult decision to turn to the Board and voluntarily resign as CEO. The founding of Nikola and his transformation into a company that will change transport for the better and help protect the world’s climate was an incredible honor. . “

The announcement comes after short selling firm Hindenburg Research accused Nicholas of fraud. The company denied the allegations, saying the report contained “dozens” of inaccurate allegations. The Securities and Exchange Commission and the Ministry of Justice reportedly are investigating allegations that the company has misled investors.

Hindenburg claims that Milton made false claims about Nicola’s technology in order to grow and secure partnerships with car manufacturers.

In an early tweet on Monday, Milton said, “I intend to defend myself against false allegations made against me by outside detractors.”

GM recently took an 11% stake in the company and said it would produce Nicholas Badger’s electric hydrogen fuel cell pickup by the end of 2022. Last week, GM CEO Mary Barra said the carmaker had made “appropriate diligence.” “For $ 2 billion, deal with the launch of the electric vehicle.

This year, Nicholas was extremely volatile, rising from $ 13 in early May to the current 52-week high of $ 93.99 in June. Shares traded by Nasdaq ended at $ 34.19 on Friday.

The company’s average volume in the last 10 trading days reached 53.2 million shares, although there are only about 361 million shares outstanding.

Nicolas CEO Mark Russell said the company remains committed to its goals and creates value for shareholders.

“Our priorities remain unchanged and, in collaboration with our partners, we are laser-focused on implementing our strategic initiatives and laying the groundwork to become a vertically integrated provider of zero-emission transport solutions,” Russell said in a statement.

This is current news. Please check again for updates.

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