For a moment in time back in June 2020, Nikola (NASDAQ: NKLA) was one of the hottest stocks on Wall Street. After merging with a special purpose acquisition company (SPAC) around that time, the stock price for this manufacturer of electric and hydrogen-powered trucks briefly touched $94 per share.

It's all been downhill since then.

Today, Nikola is the equivalent of a penny stock with shares priced at $0.51 (a 99.5% decline from its peak price). The electric vehicle (EV) company has faced its share of troubles, from missing production targets to its founder and former CEO, Trevor Milton, being convicted of securities fraud for making false and misleading statements to investors. Furthermore, the company has severely diluted shareholders as it continues to rack up losses.

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Source Fool.com