Nikola's (NASDAQ: NKLA) stock has plunged about 97% since its public debut on June 3, 2020. The electric semi-truck maker went public by merging with a special purpose acquisition company (SPAC) and initially dazzled investors with its ambitious goals.

But like many other SPAC-backed electric vehicle (EV) makers, Nikola struggled to ramp up its production and racked up steep losses. Its founder and former CEO, Trevor Milton, was convicted of securities and wire fraud last October, and it was recently forced to recall most of its vehicles and halt its shipments after several of its trucks caught fire.

Image source: Nikola.

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Source Fool.com