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Why Shares of VectoIQ Acquisition Are Falling Today

TheMotleyFool

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Why Shares of VectoIQ Acquisition Are Falling TodayPhoto, wide shot, wide-angle lens, Coal company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.midjourneyapi.xyz/temp/2a011bdc-adca-4de9-8457-d868b31178cf.png

Shares of VectoIQ Acquisition (NASDAQ: VTIQ), a holding company that is in the process of acquiring electric-truck maker Nikola Motors, were down sharply on Monday as crashing oil prices and virus concerns drove a broad-based market sell-off.

As of 1:00 p.m. EDT, VectoIQ's shares were down about 11.8% from Friday's closing price.

VectoIQ's shares soared last week after news that the company, led by former General Motors (NYSE: GM) vice chairman Steve Girsky, had agreed to acquire Nikola. Nikola has been preparing to begin production of electric heavy trucks (think tractor-trailers), including models powered by hydrogen fuel cells and by lithium-ion batteries.

Source Fool.com

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