The SEC has proposed paying $48.8 million to Nikola investors, less than 40% of the $125 million penalty the hydrogen truck maker agreed to in 2021, according to an SEC notice dated Oct. 13, 2026, and EV's review of it. Nikola's bankruptcy left most of the fine uncollected.
Why it matters: It's the last money most 2020 Nikola shareholders are likely to see. Their shares were canceled in the bankruptcy with no distribution.
Who qualifies
- Investors who bought or acquired Nikola or VectoIQ common stock between March 3 and Sept. 18, 2020. VectoIQ was the blank-check company Nikola merged with to go public.
- Payments are based on a calculated "Recognized Loss," paid pro rata if losses exceed the fund.
- Warrants, options and other derivatives are excluded; shares from exercised warrants qualify.
- No payment under $25. Claims are due 180 days after the plan notice is first mailed.
The plan is not final. Public comments are due by Nov. 12, 2026.
Where the rest went
EV traced the gap through Nikola's filings: $44.8 million was paid in installments before the February 2025 Chapter 11 filing, plus a $4.0 million cash payment under the bankruptcy settlement. The remaining $76.2 million is not expected to reach investors.
Founder Trevor Milton, convicted of fraud in 2022, was pardoned by President Trump in March 2025. Lucid bought Nikola's Coolidge, Arizona, plant in the bankruptcy.
More EV industry money stories: Rivian's chip-cost warning and Tesla Semi's Megacharger network.