Several publicly traded companies in the equipment finance space enjoyed a spike in share prices today, while others were on the opposite end of the spectrum.
Electric-truck manufacturer Nikola Corp. saw the largest increase, 4.9% from market open to $5.38 per share. The increase comes on the heels of a Sept. 9 decision in U.S. District Court in Phoenix in which former Chief Executive Trevor Milton was ordered to pay Nikola nearly $168 million for allegedly making misleading statements about the company.
An arbitration panel ruled in November 2023 that Milton had to pay 97% of Nikola’s $125 million fine for settling a civil fraud case with the U.S. Securities and Exchange Commission, as well as $46.5 million in legal fees and expenses. U.S. District Court Judge Diane Humetewa upheld the decision.
Milton was found guilty in October 2022 for lying to investors about Nikola’s hydrogen and electric truck technology. He was sentenced to four years in prison and fined $1 million.
Elsewhere, construction and material handling equipment dealer Alta Equipment Group saw a 3.3% increase, to $5.97 per share. New York Community Bancorp, meanwhile, saw its share price rise 1.8% from market open today to $10.
Downward slide
Conversely, shares of electric-truck manufacturer Workhorse Group fell 5.65% to 66 cents and truck manufacturer Traton Group saw a drop of 4.6% to $29.95. Peapack-Gladstone Financial followed, with shares falling 2.6% to $25.86.
Equipment Finance News’ stock index, which is derived from the pricing of about 20 publicly traded companies in the equipment finance sector, stood at 255.74 as of Sept. 9, up from 248.31 a month prior.
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