Shares of Nikola plummeted by as a lot as 18.3% in heavy buying and selling Tuesday morning after a lockup interval on the inventory for firm insiders and early buyers expired, releasing up about 166 million shares on the market for the primary time for the reason that embattled electrical truck firm went public in early June.

A majority of these shares – 91.6 million – are held by Nikola founder Trevor Milton, who resigned as chairman of the corporate in September. A spokesman for Milton declined to remark Tuesday morning about whether or not the previous govt had offered any shares.

Greater than 46 million Nikola shares had been traded as of 10:55 a.m. Tuesday. That compares with a five-day common of 47.7 million shares and 30-day common of 20.5 million, based on FactSet.

Nikola shares had been buying and selling at beneath $17.30 as of 10:59 a.m. The decline provides to an already risky week for the inventory.

Learn Extra: Nikola founder Trevor Milton can sell his 91.6 million shares starting Tuesday as insider lockup period expires

Shares of Nikola tanked by 26.9% to $20.41 Monday after the corporate introduced a scaled again cope with General Motors earlier than the markets opened. GM gave up an fairness stake within the start-up in addition to plans to supply the Badger, an electrical pickup that was purported to be the corporate’s first foray into the patron market.

Roughly 161 million shares of widespread inventory is eligible on the market starting Tuesday, based on Nikola’s third-quarter SEC submitting. A further 5 million shares can also be eligible on the market relying on the value of the corporate’s inventory. Milton’s possession contains 6 million shares in “founder choices” he might give out to early workers.

Milton stepped down after the Division of Justice and Securities and Alternate Fee began investigating allegations of fraud raised by short-seller Hindenburg Analysis in September.