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Nikola (NKLA) CEO Milton Buys $1.3M in Stock Amid Short Attack

September 14, 2020 4:30 PM

Nikola (NASDAQ: NKLA) CEO, Trevor Milton, disclosed he bought 41,400 shares on 09/14 at prices from $30.10-$33.60. The purchases come after the company defending itself against short-seller attacks.

Shares were bought through Mr. Milton's M&M Residual, LLC entity.

Last week, Hindenburg Research issued a short report saying they "believe Nikola is an intricate fraud built on dozens of lies over the course of its Founder and Executive Chairman Trevor Milton’s career."

The short report followed a major deal with General Motors (NYSE: GM).

Nikola said it believes that "the Hindenburg report, and the opportunistic timing of its publication shortly after announcement of Nikola's partnership with General Motors Co. and the resulting positive share price reaction, was designed to provide a false impression to investors and to negatively manipulate the market in order to financially benefit short sellers, including Hindenburg itself." Nikola said it has contacted and briefed the SEC regarding Nikola's concerns pertaining to the Hindenburg report.

FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Expires:December 31, 2014
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
Milton Trevor R.

(Last)(First)(Middle)
4141 E BROADWAY ROAD

(Street)
PHOENIXAZ85040

(City)(State)(Zip)
2. Issuer Name and Ticker or Trading Symbol
Nikola Corp [ NKLA ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirectorX10% Owner
XOfficer (give title below) Other (specify below)
Executive Chairman
3. Date of Earliest Transaction (Month/Day/Year)
09/14/2020
4. If Amendment, Date of Original Filed (Month/Day/Year)6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8)4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common Stock09/14/2020 P 28,452A$ 30.100891,631,186IBy M&M Residual, LLC (1)
Common Stock09/14/2020 P 3,643A$ 30.962391,634,829IBy M&M Residual, LLC (1)
Common Stock09/14/2020 P 905A$ 31.291,635,734IBy M&M Residual, LLC (1)
Common Stock09/14/2020 P 8,400A$ 33.599991,644,134IBy M&M Residual, LLC (1)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)2. Conversion or Exercise Price of Derivative Security3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8)5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)8. Price of Derivative Security (Instr. 5)9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. As manager of M&M Residual, Mr. Milton may be deemed to indirectly beneficially own shares held by such entity.
/s/ Britton M. Worthen, Attorney-in-fact09/14/2020
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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