Nikola Stock Drops 26% After BP Backs Away From Hydrogen-Station Deal
Shares of embattled electric-truck start-up Nikola (NASDAQ: NKLA) closed down more than 25% on Wednesday, following reports that energy giant BP (NYSE: BP) has backed away from a potential partnership following allegations that Nikola has misled investors.
Nikola's stock fell sharply following a Wall Street Journal report that the company's negotiations with several potential partners, including BP, had stalled after a short-seller's report cast doubt on the truck maker's technology claims.
The U.S. Securities and Exchange Commission also is investigating the allegations.
Source Fool.com
