Shares of electrical truck maker Nikola traded larger Tuesday after the corporate mentioned in a regulatory submitting that its disgraced founder, Trevor Milton, has been ordered to pay the corporate about $165 million in damages.

Shares closed up about 9%, buying and selling at a little bit greater than $1. The corporate’s market worth was about $375 million as of Tuesday’s shut.

Nikola mentioned that an arbitration panel in New York decided final week that Nikola was due the funds for “prices and damages arising from actions that had been the topic of presidency and regulatory investigations, together with the December 2021 Securities and Change Fee settlement and related civil penalty.”

Nikola agreed in December 2021 to pay the SEC $125 million to settle costs that it defrauded buyers by deceptive them about its merchandise, technical capability and enterprise prospects.

Nikola mentioned in an announcement that it intends to hunt reimbursement for its attorneys’ charges as nicely.

Milton, who based Nikola in 2014 and served as its CEO and govt chairman, resigned in September of 2020 after short-seller Hindenburg Analysis accused Nikola of constructing false statements about its applied sciences to be able to increase its inventory and safe partnerships with main automakers.  

Milton was discovered responsible in federal courtroom final 12 months on three counts of fraud associated to statements he made whereas main the corporate. He’s scheduled to be sentenced Nov. 28.

Nikola will report its third-quarter outcomes earlier than the U.S. markets open on Nov. 2.