Nikola Insiders File to Sell 53.4 Million Shares

Electric truck manufacturing start-up Nikola Corporation (NASDAQ: NKLA) saw its stock rocked in after-hours trading Monday. Immediately after the company filed notice with the SEC of insider shareholders' intent to sell in excess of 53.4 million shares onto the market, Nikola's stock price first plummeted more than 12%, before gaining back almost all those losses.

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After close of trading Monday, Nikola filed an S-1 form with the SEC, outlining how certain "selling securityholders" intend to sell, "from time to time ... up to 53,390,000 shares" of Nikola common stock, as well as an additional 890,000 shares that "may be issued upon exercise" of certain private warrants (to purchase shares) that are also up for sale.

Source Fool.com