Nikola Corporation has rung the Nasdaq Closing Bell remotely from around the world.
Source: The Nasdaq
Nikola and Republic services ended an electric vehicle co-development partnership, cutting the contested start-up’s shares by approximately 12% during Wednesday’s pre-market trade.
Nikola said the decision was made after both companies “determined that combining the various new technologies and design concepts would result in longer than expected development time and unexpected costs.”
“This was the right decision for both companies, given the resources and investment required,” Nikola CEO Mark Russell said in a statement. “We support and respect Republic Services’ commitment to providing environmentally conscious and sustainable solutions for their customers.”
When the deal for thousands of trucks was originally announced in August, Nikolas share rose 22% to $ 44.81 per share. The shares are currently trading at around a third of that price. At 8:35 a.m. on Wednesday, stocks fell about 12% to $ 15.95 in pre-market trading.
Republic Services did not immediately respond to a comment.
This is a developing story. Check for updates again.
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This article originally appeared on www.cnbc.com
