US President, Donald Trump, granted a full pardon of innocence to Nikola Corporation founder, Trevor Milton, last month which overturned a securities fraud conviction from 2022.
Milton, who pioneered a zero emission semi-truck in the US to reach production, was prosecuted by the Southern District of New York, led by former US Attorney Damian Williams and Assistant US Attorneys Matthew Podolsky and Nicolas Roos.
Milton reportedly fought to expose the fundamental legal flaws in the case against him which ultimately resulted in his pardon.
In 2023, Milton was convicted at trial to serve four years in prison for engaging in securities and wire fraud in connection with his scheme to allegedly defraud and mislead investors about the development of products and technology by the company he founded.
Milton cited legal flaws in his case and systematic issues with the justice system particularly within the Southern District of New York which ultimately resulted in the pardon.
“This pardon is not just about me,” said Milton.
“It’s about every American who has been railroaded by the government, and unfortunately, that’s a lot of people.
“It is no wonder why trust and confidence in the Justice Department has eroded to nothing.
“I wish judges would stop believing whatever the prosecutors feed them so Americans could trust the justice system again. Until that happens, our justice system will continue to erode until there is nothing left.”
On 24 March 2025, Nikola Corporation announced its intention to file a Form 25 Notification of Delisting with the Securities and Exchange Commission (SEC) on or about 3 April 2025, which will remove its securities from listing and registration on Nasdaq.
Nasdaq previously suspended the trading of Nikola’s common stock at the opening of business on 26 February 2025 and notified Nikola that a Form 25 would be filed.
Nikola previously announced on 19 February 2025 that Nikola and certain of its domestic subsidiaries filed voluntary petitions for relief under chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (Bankruptcy Filing).
When Nikola announced it filed for bankruptcy it reported to have approx. $47 million USD in cash on-hand to fund foregoing activities, implement post-petition sales process and exit Chapter 11 through a plan process.
“With the dedication of our employees and support from our partners, Nikola has taken significant steps to move zero-emissions transportation forward, including bringing the first commercially available Class 8 hydrogen fuel cell electric trucks to market in North America and developing the HYLA hydrogen refuelling highway, connecting Northern California to Southern California,” said Steve Girsky, President and CEO of Nikola.
“Our customers have accumulated approximately 3.3 million fleet miles across both our FCEV and BEV truck platforms and our HYLA fuelling network has dispensed well over 330 metric tonnes of hydrogen.
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate. In recent months, we have taken numerous actions to raise capital, reduce our liabilities, clean up our balance sheet and preserve cash to sustain our operations.
“Unfortunately, our very best efforts have not been enough to overcome these significant challenges, and the Board has determined that Chapter 11 represents the best possible path forward under the circumstances for the Company and its stakeholders.”
Nikola, together with its financial and legal advisors, engaged in an extensive analysis of all available and credible alternatives to identify a solution that would allow the business to sustain operations. Following months of actively pursuing these alternatives, the company determined that a structured sale process represents the best possible solution to maximise the value of its assets.
Nikola intends to market and sell all, substantially all, or a portion of its assets and effectuate an orderly wind down of its businesses.
Milton may be looking to acquire Nikola assets in a bid to resurrect the start-up.
In other news, Thermo King has launched a new training program that supports the electrification transition.
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