The South Korean Hanwha Group intends to acquire half of its shares in the electric truck manufacturer Nikola Corp. for sale.
According to a filing with the Securities and Exchange Commission On Tuesday, Hanwha plans to sell approximately 11 million shares valued at approximately $ 180 million, starting from Wednesday’s closing price of $ 16.39 per share.
“Hanwha remains a key strategic partner and continues to play an active role on Nikola’s board of directors,” Nikola said in a statement emailed Wednesday evening.
The Hanwha Group is a conglomerate that encompasses financial services, aerospace and solar energy. Nikola has previously said Hanwha would build solar panels to produce clean electricity to produce renewable hydrogen for use in fuel cells.
It is Nikola’s second strategic partner that has reduced its stake in recent months. in December fuel cell supplier Robert Bosch GmbH has sold around 4 million sharesand reduced its stake in Nikola from 6.4% to 4.9%. In addition, Nikolas largest shareholder, founder Trevor Milton – who has resigned as CEO of the company in September – Sold more than 550,000 shares valued at approximately $ 8 million earlier this month an SEC filing. Milton still owns nearly 83 million shares, or 21%, in the company.
Nikola announced this on Monday Sell $ 100 million worth of sharesThe proceeds go towards projects such as the construction of the production facility in Arizona and the further development of the infrastructure for renewable energies.
Nikola shares have fallen 66% since September when short seller Hindenburg Research claimed the company misled investors a “complicated scam”. Nikola has vigorously denied the allegations. Nikola was a share earlier this month downgraded by JP Morganwhose analysts expressed concern about the valuation.