Nikola shares fall after shareholders sell their stake

This replaces an earlier entry that incorrectly reported the company submitting the stock offering by shareholders. It has been corrected

Share of Nikola Corp. NKLA,
lost 2.7% in morning trading on Friday after the electric vehicle maker announced its offer of 1.68 million shares by selling off shareholders. In an S-1 filing with the Securities and Exchange Commission late Thursday, Quasar Energy Partners LLC, Philipp Brothers Fertilizer LLC and Little Brothers LLC are selling their entire stake in Nio, totaling 1,682,267 shares, representing 0.4% of the outstanding and valued shares. at $77.5 million at Thursday’s closing price of $46.07. The company said it will not receive any proceeds from the offering. The stock has lost 9.7% so far, while shares of EV leader Tesla Inc. TSLA,
are down 8.8%, and the S&P 500 SPX,
won 16.7%.