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Nikola strategic partner Hanwha to cut its bet on electric-truck maker by half

Sumary of Nikola strategic partner Hanwha to cut its bet on electric-truck maker by half:

  • Article content Nikola Corp said on Wednesday that South Korea Hanwha Corp has decided to sell up to half of its stake this year, setting out to reduce its bets on the prospects of the electric-truck maker.7 Green Nikola Holdings, a subsidiary through which Hanwha holds its 5.65% stake in Nikola, is planning to sell up to 11.1 million shares, according to a securities exchange filing…
  • A Hanwha Group spokesperson said it will use the proceeds to invest in hydrogen-related businesses, adding that the potential sales is not an end of cooperation with Nikola…
  • Hanwha Group first acquired a stake in November 2018, much before Nikola debuted on the Nasdaq in June last year….

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