Over the last year, shares of Nikola (NASDAQ: NKLA) have been impacted by everything from a short-seller report to progress with its first manufacturing facility. Tuesday, shares dropped more than 5% before settling down 3.5% as of 1:45 p.m. EST for what looks to be another reason.
Today's move likely stems from an announcement that a competing hydrogen fuel cell-electric vehicle (FCEV) maker is merging with a special purpose acquisition company (SPAC) to go public.
Nikola truck at hydrogen fueling station. Image source: Nikola.
Source Fool.com