US SEC to dismiss case against former Nikola CEO

In the case, filed in 2021, U.S. prosecutors accused Milton of falsely claiming that Nikola had built an electric- and hydrogen-powered pickup from scratch and developed batteries in-house while knowingly sourcing them externally.

Milton, who received a pardon from U.S. President Donald Trump this year, also waived his right to seek legal costs and released all claims against the agency, the document showed.

Nikola's stock plummeted after Hindenburg Research, a former high-profile short-seller, targeted the company in 2020, accusing it of deceiving investors about its technological advancements.