Nikola Corp. Chief Monetary Officer Stasy Pasterick is leaving the position after simply six months, the third senior chief to depart the beleaguered electrical truck maker since August.
CEO Michael Lohscheller and Nikola President of Vitality Carey Mendes each stop in August.
Pasterick labored at Nikola underneath former CFO Kim Brady, who retired in April. She was on the crew that led Nikola public through a reverse merger with particular function acquisition firm VectoIQ in June 2020. She is leaving to pursue different alternatives.
Nikola filed an 8-K announcing her departure with the Securities and Exchange Commission on Friday. The submitting stated Pasterick submitted her resignation on Monday. She stays within the CFO position till Dec. 1. Nikola stated it “expects to conclude a seek for a substitute in brief order.”
Government churn accelerated after Girsky grew to become CEO
Former Basic Motors Vice Chairman Steve Girsky, who led the SPAC merger as VectoIQ managing director and served for 3 years as chairman, grew to become the corporate’s fourth CEO in 4 years in August. He’ll oversee monetary affairs till the naming of a brand new CFO.
In September, Girsky hired Mary Chan, another former GM executive and a colleague from VectoIQ, as Nikola’s first chief working officer. Chan’s hiring and the elevation of board member Steve Schindler to chairman put the important thing gamers within the SPAC in cost from the boardroom to the manufacturing unit. Schindler is CFO of VectoIQ.
Firm faces quite a few monetary challenges
Nikola faces a variety of monetary challenges because it launches gas cell electrical vans this quarter. Money is tight. The corporate’s inventory worth closed Friday at $1.04, and Nikola is footing the entire $61.8 million cost of recalling fire-prone battery-electric vans. The corporate expects to start returning repaired vans to prospects within the first quarter.
Nikola misplaced $425.8 million, or 50 cents a share, within the third quarter. That in comparison with a lack of $236.2 million, or 54 cents, a 12 months in the past. Nevertheless, following the current doubling of approved shares, Nikola had 857.2 million excellent shares in comparison with 438.4 million a 12 months in the past.
The corporate improved its money and equivalents to $362.8 million, principally via the gross sales of latest fairness. The cash is ample to cowl the recall expense and run the enterprise into 2024, Pasterick advised analysts on a Nov. 2 name.
Nikola stated in a authorities submitting in February that it may run out of money in the next 12 months and need to “modify or terminate” its enterprise.
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