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What’s Behind the Rise in Nikola Stock on Tuesday? Arbitration Ruling Awards $165 Million to Company

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Nikola Corp (NKLA) shares are experiencing an upward trend on Tuesday as news breaks about a favorable arbitration ruling. In a recent regulatory filing, it was revealed that the company has been awarded approximately $165 million plus interest in an arbitration proceeding with its founder and former executive chairman, Trevor Milton.

The arbitration panel ruled in favor of Nikola, granting the company compensation for costs and damages incurred as a result of previous actions that led to regulatory investigations and a settlement with the SEC regarding fraud allegations. Additionally, Nikola plans to pursue an application for reimbursement of attorney fees.

Nikola’s third-quarter financial results are scheduled to be released on November 2nd. Market estimates from Benzinga Pro indicate that the company is expected to report a loss of 15 cents per share with revenue totaling $15.024 million.

While Nikola shares have experienced a significant decline of approximately 47% since the beginning of the year, the stock is currently seeing an 18.4% increase, trading at $1.13 at the time of publication.

Photo: Courtesy of Nikola.

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