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☆ Explainer: Who is behind Hindenburg, the company that is shorting Adani?
▼ + stars: | 2023-01-25 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 25 (Reuters) - Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report. WHAT IS HINDENBURG RESEARCHFounded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit. HOW MANY COMPANIES HAS HINDENBURG TARGETEDHindenburg has flagged potential wrongdoing in at least 16 companies since 2017, according to its website.

Hindenburg, known for having shorted electric truck maker Nikola Corp (NKLA.O) and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. Shares in Adani Transmission (ADAI.NS) fell 9%, Adani Ports And Special Economic Zone (APSE.NS) slipped 6.3% and Adani Enterprises ended down 1.5%. Adani Group's total gross debt in the financial year ended March 31, 2022, rose 40% to 2.2 trillion rupees. Refinitiv data shows debt at Adani Group's seven key listed Adani companies exceeds equity, with debt at Adani Green Energy Ltd (ADNA.NS) exceeding equity by more than 2,000%. Hindenburg also said it was concerned that a high proportion of equity held by promoters or key shareholders in Adani Group listed companies has been pledged for loans.

☆ Tesla invests $3.6 bln to expand Nevada complex with two factories
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Jan 24 (Reuters) - Tesla Inc (TSLA.O) said on Tuesday it would invest more than $3.6 billion to expand its Nevada manufacturing complex with two new factories, including the first facility to mass produce its long-delayed Semi electric truck. The 18-wheeler truck has a range of 500 miles on a single charge and can carry 81,000 pounds including the cargo. Tesla Chair Robyn Denholm said in November that Tesla might produce 100 Semis in 2022, but the company did not disclose any figure in its fourth-quarter production report. The EV maker aims to produce 50,000 of the trucks in 2024, Musk had said on a post-earnings call in October. Reporting by Akash Sriram and Aditya Soni in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Lightning eMotors flags sales loss due to supply issues from Nikola unit
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

Jan 10 (Reuters) - Zero emission vehicle manufacturer Lightning eMotors Inc (ZEV.N) said on Tuesday it "lost significant" sales volume in the fourth quarter, citing battery supply issues from a Nikola Corp (NKLA.O) subsidiary. "Romeo Power Systems Inc unexpectedly notified Lightning that it would not honor its commitments to supply battery packs, or to provide further service or support, under its long-term supply agreement with Lightning," the company said. Romeo Power Systems did not immediately respond to a Reuters request for a comment. Reporting by Aishwarya Nair in BengaluruOur Standards: The Thomson Reuters Trust Principles.

At trial, Milton was convicted on one count of securities fraud and two counts of wire fraud. In court papers on Thursday, Milton said that one juror had said during jury selection that she did not use social media and got her news via YouTube. But a review of what Milton said were her social media accounts implied that she read many news sources and showed that she had posted about income inequality, Milton said. If the judge does not grant a new trial, he should hold a hearing to question the juror about whether she lied in court, Milton wrote. Reporting by Jody Godoy in New York; Editing by Noeleen Walder and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola to sell up to 75 hydrogen-powered trucks to Plug Power
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Electric truck maker Nikola Corp (NKLA.O) said on Thursday that it would sell up to 75 Tre hydrogen-powered trucks over three years to fuel-cell technology developer Plug Power Inc (PLUG.O). Plug Power will attach its liquid hydrogen tankers to Nikola's trucks, whose deliveries will begin next year, to transport green hydrogen fuel across North America. The company will also provide a liquefaction system for Nikola's hydrogen hub project in Buckeye, Arizona, which will produce 30 metric tons per day of the gas initially, and scale up to 150 metric tons per day. Nikola said that low-carbon hydrogen from the facility will enable further deployment of its Tre fuel-cell electric trucks. Earlier this year, Nikola said that incentives provided by the IRA would help the company lower costs of its electric trucks and hydrogen energy business.

☆ EV maker Nikola beats revenue estimates on higher semi-truck deliveries
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Nikola Corp (NKLA.O) beat Wall Street expectation for third-quarter revenue on Thursday as it delivered more electric semi-trucks to dealers, sending its shares up about 3% higher before the bell. The company has been benefiting from a shift to electric trucks by logistic companies looking to cut ownership costs and meet sustainability goals. It produced 75 Tre battery electric trucks but delivered only 63 units in the quarter. The company has so far this year delivered 111 trucks and had earlier said it expects to deliver between 300 and 500 units in 2022. Revenue for the quarter stood at $24.2 million, beating estimates of $22.1 million, according to Refinitiv data.

☆ Nikola, KeyState to collaborate on hydrogen supply
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Electric vehicle maker Nikola Corp (NKLA.O) said on Monday it was working with KeyState Natural Gas Synthesis to create Pennsylvania state's first low-carbon hydrogen production supply chain. However, Nikola said it was working on a definitive agreement with the hydrogen producer to expand supply for Nikola's fuel-cell electric vehicles. The truck maker added that KeyState plans to supply the company with up to 100 tonnes per day of low-carbon hydrogen, which can supply fuel for up to 2,500 Nikola Tre FCEVs (fuel-cell electric vehicles). The low-carbon hydrogen will help Nikola maximize value under the recently passed Inflation Reduction Act. KeyState Natural Gas Synthesis is a joint venture between KeyState Energy and Frontier Natural Resources Inc.

☆ Bad Bets Season 2: The Unraveling of Trevor Milton
▼ + stars: | 2022-10-28 | by ( ) www.wsj.com time to read: 1 min

Bad Bets is a podcast series that unravels big-business dramas that have had a big impact on our world. In season two, we delve into the story of Nikola Corp. founder Trevor Milton , who promised a future of zero-emission trucks that could revolutionize the industry. Ben Foldy is the host of this season of Bad Bets. Bad Bets is a production of The Wall Street Journal. This season is produced with Jigsaw Productions, in collaboration with Story Force Entertainment.

☆ Inside a Jury’s Five-Hour Journey to Convict Nikola’s Trevor Milton
▼ + stars: | 2022-10-27 | by ( Corinne Ramey | ) www.wsj.com time to read: +1 min

Nikola founder Trevor Milton, shown at a New York courthouse last month, was convicted of securities fraud for what prosecutors said were his lies about the company’s technology. A jury’s journey to convictNikola Corp. founder Trevor Milton of defrauding investors involved negotiations with initial holdout jurors and tense debates about whether the former electric-truck executive acted with criminal intent, producing an unusual mixed verdict. Three women, known during the trial as Jurors 1, 5 and 6, described to The Wall Street Journal how a federal jury in New York over five hours came to find Mr. Milton guilty of two wire-fraud charges and one count of securities fraud—but not guilty of another securities-fraud charge that carried the stiffest maximum sentence. The verdict, delivered Oct. 14, puzzled some court watchers because the two securities-fraud charges involved the same alleged conduct by Mr. Milton and required jurors to make nearly identical findings to convict.

Companies Nikola Corp FollowNEW YORK, Oct 14 (Reuters) - Nikola Corp (NKLA.O) founder Trevor Milton on Friday was convicted by a U.S. jury of fraud over allegations he lied to investors about the electric vehicle company's technology. The jury found Milton guilty on one count of securities fraud and two counts of wire fraud after deliberating for around five hours. Milton was acquitted on an additional count of securities fraud. He left Nikola in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." The defense said prosecutors had distorted Milton's statements about Nikola's plans to shake up the automotive industry.

☆ Nikola Founder Trevor Milton Convicted of Securities Fraud
▼ + stars: | 2022-10-14 | by ( Corinne Ramey | Ben Foldy | ) www.wsj.com time to read: 1 min

Nikola Corp. founder Trevor Milton, pictured outside a New York courthouse last month, resigned in 2020 after a short seller alleged he made misrepresentations about the company. A federal jury in New York convicted Nikola founder Trevor Milton of securities fraud for what prosecutors said were his repeated lies about the development of the company’s zero-emissions trucks and technology. Friday’s guilty verdict caps the downfall of Mr. Milton, who founded Nikola in his basement in 2015 and took it public in 2020 at a valuation of $3.3 billion, when the company hadn’t sold a single truck. The company’s market valuation briefly exceeded that of industry giants such as Ford Motor Co.

Milton, of Oakley, Utah, was indicted in July 2021 and faces two counts of securities fraud and two counts of wire fraud. Milton left Nikola in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." Milton's statements about Nikola came as the company joined the mounting number of tech and EV companies going public through special purpose acquisition vehicles or SPACs. The defense and the prosecution delivered closing arguments to the jury on Thursday in a trial that began on Sept. 13. The defense said prosecutors had distorted Milton's statements about Nikola's plans to shake up the automotive industry.

Companies Nikola Corp FollowNEW YORK, Oct 13 (Reuters) - A prosecutor on Thursday urged jurors to convict Nikola Corp (NKLA.O) founder Trevor Milton of fraud, calling him a "con man" who lied about the low-emission vehicle company to defraud ordinary investors. Federal prosecutors during closing arguments in New York said Milton deceived investors about the electric- and hydrogen-powered truck maker's technology starting in November 2019. Milton left the company in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." Register now for FREE unlimited access to Reuters.com Register"Trevor Milton is a con man," Estes told the jury. Milton's attorneys have said he believed in his vision for the company and that prosecutors distorted his statements about Nikola's plans to shake up the automotive industry.

☆ Fraud Trial of Nikola Founder Trevor Milton Wraps Up
▼ + stars: | 2022-10-13 | by ( Corinne Ramey | ) www.wsj.com time to read: 1 min

A jury is set to weigh whether to convict Nikola Corp. founder Trevor Milton of securities and wire charges. The trial of Nikola Corp. founder Trevor Milton concluded Thursday after closing arguments in which prosecutors called the former executive a con man and the entrepreneur’s lawyer said he didn’t intend to deceive anyone about the electric-truck company’s technology. The jury, which is expected to begin deliberations Friday after receiving legal instructions from the judge, is set to weigh whether to convict Mr. Milton of two securities-fraud charges and two wire-fraud charges. If convicted, Mr. Milton faces up to 25 years in prison on the top count.

☆ Fraud Trial of Nikola Founder Trevor Milton Hears Closing Arguments
▼ + stars: | 2022-10-13 | by ( Corinne Ramey | ) www.wsj.com time to read: 1 min

☆ Cramer's lightning round: I don't want to own Nikola
▼ + stars: | 2022-09-16 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Albemarle Corp: "I suggest that you wait for it to come down a little, but I do like the situation very much." Loading chart...Nikola Corp: "I think that stock is lethal, frankly. I don't want to own it." Loading chart...Cheniere Energy Inc: "I don't think it's too late. I think Cheniere can still go higher."

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