Written by Cláudio Afonso | LinkedIn | X
The Vanguard Group, the world’s second largest investment management firm, has reduced its stake in electric truck manufacturer Nikola to 4.58%, according to a 13G filing with the U.S. SEC.
Nikola‘s stock, which has started trading through a reverse merger with special-purpose acquisition company (SPAC) VectorIQ Holdings in June 2020, reached on Monday a new all-time low at $3.25.
This adjustment reduces Vanguard’s holdings to 2,320,616 shares as of September 30, down from a 6.66% stake, or roughly 3,536,685 shares, as disclosed in an SEC filing last February for the fourth quarter of 2023.
Vanguard has consistently increased its stake in Nikola Corporation since the company’s initial public offering (IPO) in 2020 until this year.
Currently, the EV maker has 275 institutional shareholders, according to the data from Nasdaq’s website.
Last week, Nikola’s Chief Financial Officer Tom Okray stated that the company has a cash runway of “five to six months,” with a monthly burn rate of $30 million to $40 million.
At the third quarter earnings conference call, the CFO added that the company is “working right now to try to raise the necessary capital to give us the runway to go much further into 2025.”
In June, Nikola executed a 1-for-30 reverse stock split to regain compliance with Nasdaq listing requirements.
Written by Cláudio Afonso | LinkedIn | X
The post Nikola Stock Plunges 13% to a New All Time Low as Vanguard Reduces Stake first appeared on EV.