UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 96998 / March 1, 2023

ADMINISTRATIVE PROCEEDING

File No. 3-20687

In the Matter of

Nikola Corporation,

Respondent.

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ORDER APPOINTING 

FUND ADMINISTRATOR AND 

SETTING ADMINISTRATOR’S 

BOND AMOUNT

On December 21, 2021, the Commission issued an Order Instituting Cease-and-Desist 

Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the 

Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a 

Cease-and-Desist Order (the “Order”)1against Nikola Corporation (“Nikola” or the 

“Respondent”). In the Order, the Commission found that from at least March 2020 through 

September 2020, Nikola, a publicly traded zero emissions transportation system, made material 

misrepresentations to investors about key aspects of its business. According to the Order, 

through misrepresentations made by its CEO and later Executive Chairman, Trevor R. Milton 

(“Milton”), Nikola misled investors about, among other things, its technological advancements, 

in-house production capabilities, reservation book, and financial outlook, all aimed at inflating 

and maintaining Nikola’s stock price. In addition, the Commission found that Nikola failed to 

 

1

 Securities Act Rel. No. 11018 (Dec. 21, 2021).
2

maintain disclosure controls and procedures as required by the Securities Exchange Act of 1934 

(“Exchange Act”) rules for issuers with a class of securities registered under the Exchange Act.

The Commission found that, as a result of the conduct described in the Order, Nikola 

violated Section 10(b) of the Exchange Act and Rules 10b-5 and 13a-15(a) thereunder and 

Section 17(a) of the Securities Act of 1933. The Commission ordered the Nikola to pay a 

$125,000,000.00 civil money penalty. The Commission also created the Fair Fund, pursuant to 

Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalty paid can be distributed to 

harmed investors (the “Fair Fund”). 

The Fair Fund consists of $35,000,000.00 paid to date by the Respondent, any additional 

funds collected from the Respondent, pursuant to the Order, will be added to the Fair Fund. The 

Fair Fund has been deposited in a Commission-designated account at the U.S. Department of the 

Treasury, and any accrued interest will be added to the Fair Fund. 

The Division of Enforcement now seeks the appointment of Analytics Consulting LLC 

(“Analytics”) as the fund administrator and requests that the administrator’s bond be set at 

$35,000,000.00. Analytics is included in the Commission’s approved pool of administrators.

Accordingly, IT IS HEREBY ORDERED that Analytics is appointed as the fund 

administrator, pursuant to Rule 1105(a) of the Commission’s Rules on Fair Fund and 

Disgorgement Plans (“Commission’s Rules”),2and shall obtain a bond in accordance with Rule 

1105(c) of the Commission’s Rules,3in the amount of $35,000,000.00.

For the Commission, by the Division of Enforcement, pursuant to delegated authority.4

Vanessa A. Countryman

Secretary

 

2

 17 C.F.R. § 201.1105(a).

3

 17 C.F.R. § 201.1105(c).

4

 17 C.F.R. § 200.30-4(a)(17).