Nikola Adjourns and Will Reconvene Annual Meeting of Stockholders on July 18, 2022, to Allow Stockholders More Time to Vote on Proposal 2

Rhea-AI Summary

Nikola Corporation (Nasdaq: NKLA) announced the adjournment of its 2022 Annual Meeting of Stockholders to July 18, 2022, to allow additional voting time for Proposal 2. Currently, 48% of outstanding shares have voted in favor, with over 112 million shares remaining unvoted. The proposal seeks to increase authorized shares from 600 million to 800 million, crucial for the company’s growth. All stockholders are urged to vote before the deadline of July 17, 2022, at 11:59 PM ET. Other proposals regarding director elections and executive compensation have sufficient support to pass.

Positive

• Over 48% of outstanding shares voted in favor of Proposal 2, indicating strong shareholder support.
• Proposal 2 aims to increase authorized shares to 800 million, providing flexibility for future growth.

Negative

• More than 112 million shares remain unvoted, requiring immediate action from stockholders to ensure proposal passage.

• 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, June 30, 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 again to July 18, 2022, at 2:00 p.m. Pacific Time to allow stockholders additional time to vote to approve Proposal 2.

Nikola stockholders have voted overwhelmingly in favor of Proposal 2, with the exception of the vote of a stockholder who appears to represent more than 85% of the votes against Proposal 2.

Approving Proposal 2, which requires a majority of all outstanding common stock to pass, is very important. As of this morning, more than 48% of all outstanding shares have been voted in favor of Proposal 2, leaving less than 2% of outstanding shares to be voted in favor for this proposal to pass. More than 112 million shares have not yet been voted.

"Since Nikola's founding, we have been committed to pioneering solutions for a zero-emissions world. We strongly urge stockholders to approve the increase in the authorized number of common shares to provide flexibility to support the future growth and development of our business," said Mark Russell, Nikola's Chief Executive Officer.

Nikola has 600 million common shares authorized. As of June 8, 2022, approximately 567 million shares are either issued or reserved for future issuance, leaving Nikola with approximately 33 million shares available for other purposes. That is why Nikola is urging ALL stockholders to vote IMMEDIATELY FOR Proposal 2, which would allow Nikola to increase the authorized number of shares of the Company's common stock to 800 million, providing flexibility to support the growth of the business.

Every vote matters. Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on July 17, 2022, for their vote to count. 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.

 

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SOURCE Nikola Corporation

FAQ

What is the significance of Proposal 2 for Nikola Corporation (NKLA)?

Proposal 2 seeks to increase the authorized number of common shares from 600 million to 800 million, which is essential for Nikola's growth strategy.

When is the new date for Nikola Corporation's Annual Meeting of Stockholders?

The Annual Meeting of Stockholders has been adjourned to July 18, 2022, at 2:00 PM Pacific Time.

What percentage of votes are required for Proposal 2 to pass for NKLA?

Proposal 2 requires a majority of all outstanding common stock to pass.

What is the deadline for stockholders to vote on Proposal 2 for NKLA?

Stockholders must vote by 11:59 PM Eastern Time on July 17, 2022, for their vote to count.

How many shares of NKLA remain unvoted as of the last update?

More than 112 million shares of Nikola Corporation remain unvoted.