A Lockup Expiration Isn't the Only Thing Hurting Nikola Stock Today
Shares of embattled electric-truck start-up Nikola (NASDAQ: NKLA) were down again on Tuesday. A post-IPO lockup expired on Tuesday morning, allowing insiders to sell millions of shares -- and that added selling pressure to a stock that was already feeling the impact of a disappointing deal with General Motors (NYSE: GM) announced on Monday.
As of noon EST, Nikola's shares were down about 15.9% from Monday's closing price.
Insiders holding Nikola stock have been unable to sell since early June, when Nikola went public following its merger with a special-purpose acquisition company. For about 161 million shares that "lockup" period expired as of this morning -- and the selling pressure was heavy on Tuesday morning.
Source Fool.com
