Nikola Corp. said on Thursday the electric truck maker had reserved $125 million to fund a potential settlement with the U.S. Securities and Exchange Commission.
The SEC said in July it had charged the company’s founder Trevor Milton for “repeatedly disseminating false and misleading information.”
The commission alleged Milton used his social media platform to repeatedly mislead investors about the electric vehicle maker’s technology and capabilities, reaping “tens of millions of dollars” as a result of his misconduct.
“With prospects of an SEC settlement, we’re looking forward to resolving the outstanding issues relating to our founder and bringing that chapter to a close,” Nikola CEO Mark Russell said in a statement on Thursday.
