Nikola is among a group of EV and mobility startups that went public via mergers with special purpose acquisition companies before generating revenue, never mind being profitable. Many of these, notably Nikola, were swept up in the meme stock craze during the pandemic and saw shares — and market cap — jump into the stratosphere. All of these stocks have come crashing back down to earth, leaving EV SPACs like Nikola scrambling for cash.
