Update (0845ET): While the initial PR spin of an MOU has worn off, the headlines now reflect the actual lede:

    *NIKOLA, GM TERMINATE PRIOR PACTS ON MASTER VEHICLE SUPPLY

Additionally, Nikola has also filed to offer up to 53.4 million shares "linked to warrants", according to Bloomberg:

    *NIKOLA FILES TO OFFER UP TO 23.9 M SHARES LINKED TO WARRANTS

    *NIKOLA FILES TO OFFER UP TO 53.4M SHARES OF COMMON STOCK

Nikola is now nearly 50% lower than its pre-market high near $40:

Update (0820ET): The initial kneejerk squeeze 40% higher in the pre-market has been entirely erased as 'humans' read the MOU and realized this is anything but a positive step forward for the NKLA/GM relationship on the day when Trevor Milton's lock-up expires. NKLA is now down 18%...