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Technology Stocks : Nikola Corp
NKLA 0.184+1,542.9%Feb 25 3:59 PM EST
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From: Julius Wong9/21/2020 4:48:56 PM
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Nikola details terms of Milton's split from the board



Nikola (NASDAQ: NKLA) updates in a SEC filing on the terms associated with the exit of Trevor Milton from his executive chairman position at the company.

"Milton voluntarily stepped down from his position as Executive Chairman of the Company and all positions as an employee and officer of the Company and its subsidiaries, and his position as a director on the Board and as a director of any of the Company’s subsidiaries, including all committees thereof, in each case, effective as of September 20, 2020. Mr. Milton will be making himself reasonably available to provide consulting services and to assist the Company as reasonably requested by the Board on an ad hoc basis through December 31, 2020."

"Milton expressed his desire to relinquish, and pursuant to the Agreement, Mr. Milton agreed to relinquish 100% of the 4,859,000 performance-based stock units granted to Mr. Milton on August 21."

Milton also agreed to certain standstill provisions and said he would vote his shares with the board recommendations for director slots.

Shares of Nikola are down 3.95% AH to $26.49 after a 19.33% drop during the regular session. Volume on Nikola was over 86M today vs. the normal daily average of about 24.9M.

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