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Here's What Made Nikola Shares Pop Today

TheMotleyFool

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Here's What Made Nikola Shares Pop Today: https://g.foolcdn.com/editorial/images/693363/nikolatrucks.png

Electric heavy truck maker Nikola (NASDAQ: NKLA) has been trying to gain shareholder approval to increase its share count to give it more financial flexibility for potential capital investments. After it announced one of those investments today, Nikola's shares jumped. As of 1:15 p.m. ET, Nikola shares were higher by 2.1%.

Nikola announced it will acquire electric vehicle (EV) battery pack supplier Romeo Power for a valuation of $144 million. Nikola is Romeo's biggest customer, and this will now give Nikola control over an important part of its supply chain.

Source Fool.com

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