Shares of electric-vehicle (EV) start-up Nikola (NASDAQ: NKLA) dropped Thursday after the company disclosed that a large shareholder will be cutting its stake. As of 1:30 p.m. EDT, the stock was down about 8%.
In an SEC filing, Nikola revealed that South Korea's Hanwha Corp. will be reducing its stake in the EV company by about half. Through its Green Nikola Holdings subsidiary, Hanwha has an approximately 5.6% stake in Nikola, with more than 22 million shares. The company plans to sell slightly over 11 million of those shares.
Nikola Tre semi truck. Image source: Nikola.
Source Fool.com