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Nikola to Pay $125M to Settle Probe

The investigation stemmed from fraud allegations against the company’s founder.

Embattled electric semi-truck company Nikola expects to pay $125 million to settle charges related to a federal securities investigation.

The company disclosed the proposed settlement with the Securities and Exchange Commission in recent regulatory filing, the Wall Street Journal reports.

The startup became a darling of the green transportation revolution on the back of its hydrogen-electric trucks and a move into passenger vehicles.

The company went public last summer, making founder Trevor Milton a multi-billionaire.

Some three months later, however, a report suggested that the company’s success was actually based on “an ocean of lies.”

Milton resigned days later, and was indicted on federal fraud charges earlier this year.

The filing noted that the settlement agreement was not finalized, and the company did not disclose what charges it could face.

In a statement, Nikola’s current chief executive said the company looked forward to “bringing that chapter to a close.”

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