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Nikola Corp. details new SEC probe

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Nikola Corp.
NKLA,
+12.38%

in a filing Friday disclosed a new U.S. Securities and Exchange Commission inquiry. The electric-truck maker said it received a subpoena on March 24 from the Division of Enforcement. The subpoena was related to the company’s projected 2021 cash flow and anticipated use of funds from 2021 capital raises, Nikola said. “The company is committed to cooperating fully with the Staff of the Division of Enforcement” investigation as well as the Southern District of New York’s ongoing investigation, it said. Nikola “has made voluminous productions of information and made witnesses available for interviews” and will continue to comply with the requests, it said. Shares of Nikola continued to rally on Friday, up more than 10%, and the company earlier on the day reported a narrower-than-expected quarterly loss.

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