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Nikola Will Pay $125 Million to Settle SEC Charges

Nikola Corp said on Thursday it was working with U.S. regulators to pay a $125 million penalty to settle a charge against its founder, as the electric-truck maker works on ramping up production.

The U.S. Securities and Exchange Commission (SEC) had charged Trevor Milton for using social media to repeatedly mislead investors about the company's technology and capabilities, reaping "tens of millions of dollars" as a result of his misconduct.

Shares of Nikola, which also reported third quarter financial results, were up 13% at $14.38 in early trading.

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