Nikola Corp. Chief Financial Officer Stasy Pastrick is stepping down after just six months on the job, the third person to leave the troubled electric truck maker since August senior leaders.
CEO Michael Lohscheller and Nikola Energy President Carey Mendes Both resigned in August.
Patrick works under Nikolai former chief financial officer kim bradyRetired in April. Her team led Nikola to go public in June 2020 through a reverse merger with VectoIQ, a special purpose acquisition company. She will leave to pursue other opportunities.
Nicholas mentioned 8-K announces her resignation from SEC Patrick submitted his resignation on Monday, the document said. She will continue as chief financial officer until December 1. Nikola said it “expects to complete the search for a replacement shortly.”
After Gilski became CEO, the turnover of senior executives accelerated.
Former General Motors Vice Chairman Steve Girsky, who led the SPAC merger as a VectoIQ director and served as chairman for three years, became the company’s fourth CEO in four years in August . He will oversee financial matters until a new chief financial officer is appointed.
in September, Girsky hired another former GM executive and VectoIQ colleague Mary Chan. Serves as Nikola’s first chief operating officer. Chan’s hiring and the promotion of board member Steve Schindler to chairman put key figures in the SPAC in charge of everything from the boardroom to the factory. Schindler is VectoIQ’s chief financial officer.
The company faces many financial challenges
Nikola is facing a series of financial challenges as it rolls out fuel-cell electric trucks this season and is strapped for cash.The company’s shares closed at $1.04 on Friday, with Nikola in Pay the full cost of $61.8 million The company expects to begin returning repaired trucks to customers in the first quarter.
Nikola lost $425.8 million, or 50 cents per share, in the third quarter. That compares with a loss of $236.2 million, or 54 cents a share, a year ago. However, after the recent doubling of authorized shares, Nikola has 857.2 million shares outstanding. to 438.4 million a year ago.
The company increased cash and equivalents to $362.8 million, primarily through the sale of new equity. Patrick told analysts on a Nov. 2 conference call that the funding would be enough to cover recall costs and operate the business into 2024.
Nikola said in a February government document, May run out of money in next 12 months and must “modify or terminate” its business.