9/23, 5:37 PM (Source: TeleTrader)
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Chart for: Nikola Corp

Nikola-BP negotiations stalled over latest controversy

Talks between Nikola Corporation and British multinational oil and gas company BP plc. and other potential partners for the company's hydrogen-refueling station project were put on hold, it was reported on Wednesday by the Wall Street Journal.

According to sources, the Arizona-based company was ready to finalize negotiations with potential investors before Hinderburg Research revealed information that cast doubt about the company's technological readiness. Nikola's spokeswoman rejected to comment on the BP report while stressing that the company expects to resume negotiations with potential partners in near future.

After the release of the Hinderburg report, the company addressed the allegations by showing a few truck models. Later, the founder and CEO Trevor Milton announced his resignation from the company's board and as executive chairman.

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