Nikola Adjourns and Will Reconvene Annual Meeting of Stockholders on August 2, 2022, to Secure the Less than 0.5% of Votes Needed

Rhea-AI Summary

Nikola Corporation (Nasdaq: NKLA) has adjourned its 2022 Annual Meeting of Stockholders to August 2, 2022, at 3:00 PM Pacific Time to secure additional votes for Proposal 2. Over 208 million shares have already been voted in favor, with less than 1.6 million needed for approval. This proposal aims to increase the authorized shares to 800 million, enhancing growth potential. Stockholders are encouraged to vote by August 1, 2022, before 11:59 PM Eastern Time. Other proposals, such as Election of Directors and advisory votes on executive compensation, have already received adequate support.

Positive

• Over 208 million shares voted in favor of Proposal 2, indicating strong shareholder interest.
• Less than 1.6 million additional shares are needed for Proposal 2 to pass, showing close support.

Negative

• Proposal 2 requires a majority of all outstanding common stock, presenting a higher voting threshold.
• Approximately 105 million shares remain unvoted, which poses a risk of not meeting the needed threshold.

• VOTE NOW by phone at (855) 935-2562, if in North America, or 1-(207) 607-7123, if international
• VOTE NOW online at www.proxyvote.com

PHOENIX, July 18, 2022 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy infrastructure solutions, today announced that its 2022 Annual Meeting of Stockholders has been adjourned to August 2, 2022, at 3:00 p.m. Pacific Time to allow stockholders additional time to vote FOR Proposal 2.

Nikola stockholders have voted overwhelmingly in favor of Proposal 2 as more than 208 million shares have been voted in favor. As of July 18, the Company is less than 0.5% short of the outstanding shares needed to be voted in favor for Proposal 2 to pass, which equates to less than 1.6 million shares needed. Approximately 105 million shares have not yet been voted on the proposal.

While the other proposals that have received the necessary vote required only a majority of shares voted, Proposal 2 requires a majority of all outstanding common stock to pass. This means Proposal 2 has a much higher threshold needed for approval. Nikola also has a diverse stockholder base with many investors that hold small positions in the company, making every vote received meaningful. 

Nikola is urging ALL stockholders to vote IMMEDIATELY FOR Proposal 2, which would allow Nikola to increase the authorized number of shares of common stock to 800 million, providing the Company greater flexibility to support the future growth and development of the business.

"Thanks to the overwhelming support of our stockholders, we are getting closer to securing the number of votes needed to approve Proposal 2, with less than 1.6 million shares still needed. We urge all stockholders – regardless of the number of shares you own – to vote today and play a role in supporting Nikola's business objectives and advancing our vision of a zero-emissions future," said Mark Russell, Nikola's Chief Executive Officer.

Every single vote matters. Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on August 1, 2022, to ensure their vote is counted. The record date for the adjourned annual meeting continues to be April 4, 2022. No additional action is required for stockholders who have already voted.

As previously communicated, the requisite number of votes have been received to approve Proposal 1, Election of Directors, Proposal 3, Non-binding Advisory Vote on Executive Compensation, and Proposal 4, Ratification of Appointment of Independent Registered Public Accounting Firm.

Voting is quick and simple:

• BY PHONE: Please call Alliance Advisors, Nikola's proxy solicitor, toll-free, at (855) 935-2562. International voters can call 1-(207) 607-7123. You can also contact Alliance Advisors if you have any questions about voting.
• Retail investors, including individual stockholders who purchased shares through app-based brokers, should call the relevant number above.
• BY INTERNET: Vote at www.proxyvote.com using your control number by following the instructions shared by your broker, bank or other nominee.
• If you are a Robinhood holder, you can vote your shares at www.proxypush.com and follow the instructions you have received.

The adjourned annual meeting will continue to be held at www.virtualshareholdermeeting.com/NKLA2022 via live audio webcast.

About Nikola Corporation
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nikola-adjourns-and-will-reconvene-annual-meeting-of-stockholders-on-august-2--2022--to-secure-the-less-than-0-5-of-votes-needed-301588559.html

SOURCE Nikola Corporation

FAQ

What is the status of Nikola's Proposal 2 as of July 18, 2022?

As of July 18, 2022, over 208 million shares have been voted in favor of Proposal 2, with less than 1.6 million additional votes needed.

When is Nikola's Annual Meeting of Stockholders now scheduled?

Nikola's Annual Meeting of Stockholders is adjourned to August 2, 2022, at 3:00 PM Pacific Time.

What is the deadline for stockholders to vote on Nikola's Proposal 2?

Stockholders must vote by 11:59 PM Eastern Time on August 1, 2022, for their votes to count.

How many shares must be voted in favor of Proposal 2 for it to pass?

Proposal 2 requires a majority of all outstanding common stock, meaning more than 1.6 million additional shares are needed.