U.S. Nikola’s logo is pictured at an event held to present CNH’s new full-electric and Hydrogen fuel-cell battery trucks in partnership with U.S. Nikola event in Turin, Italy, on Dec. 3, 2019.
Massimo Pinca | Reuters
DETROIT — Shares of Nikola closed Thursday down 27.8% after a report that the embattled electric truck maker is exploring options to sell parts or all of the business.
The stock closed Thursday at 85 cents apiece after hitting a new 52-week low of 76 cents prior to the end of trading.
Bloomberg News reported the potential sale Thursday afternoon and noted other possibilities under consideration include bringing on partners and raising new funds.
The report comes three months after Nikola warned investors on its third-quarter conference call that the company only had enough cash to support its business into the first quarter of 2025 but not beyond. Nikola reported $198 million in cash to end the third quarter.
