The founder and one-time executive chairman of Nikola Corp. is set to face charges Thursday for making false and misleading statements to investors in the electric and hydrogen-powered truck startup.

Milton resigned from Nikola in September amid allegations of fraud. At the time Milton said he would defend himself against accusations that the company made false claims about its vehicles, allegations Nikola rejects.

In a sealed indictment, the U.S. District Court for the Southern District of New York stated that Milton faces two counts of securities fraud and one count of wire fraud.

Shares of Nikola Corp. tumbled 7% before the opening bell Thursday.