Shares of VectoIQ Acquisition (NASDAQ: VTIQ), a holding company that is in the process of acquiring electric-truck maker Nikola Motors, were down sharply on Monday as crashing oil prices and virus concerns drove a broad-based market sell-off.
As of 1:00 p.m. EDT, VectoIQ's shares were down about 11.8% from Friday's closing price.
VectoIQ's shares soared last week after news that the company, led by former General Motors (NYSE: GM) vice chairman Steve Girsky, had agreed to acquire Nikola. Nikola has been preparing to begin production of electric heavy trucks (think tractor-trailers), including models powered by hydrogen fuel cells and by lithium-ion batteries.