Nikola Stockholder Meeting: Proposal 2 Passes

Rhea-AI Summary

Nikola Corporation (Nasdaq: NKLA) announced that stockholders approved an increase in authorized shares from 600 million to 800 million during the 2022 Annual Meeting held on August 2. This decision aims to provide Nikola with more flexibility for growth as it advances production and delivery of battery-electric and hydrogen fuel cell trucks. Over 66% of shares voted, equating to 211 million shares, were in favor of the proposal. The results will be officially reported in a Form 8-K with the SEC.

Positive

• Approval of increasing authorized shares from 600 million to 800 million allows more financial flexibility.
• Over 66% of votes cast supporting the proposal indicates strong stockholder confidence.
• Continued focus on production and delivery of battery-electric and hydrogen fuel cell trucks suggests potential for future growth.

Negative

• None.

Stockholders approve increase in authorized number of shares from 600M to 800M

PHOENIX, Aug. 2, 2022 /PRNewswire/ -- Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy infrastructure solutions, today announced that stockholders have voted to approve Proposal 2 at the Company's 2022 Annual Meeting of Stockholders. This proposal will allow Nikola to increase the number of authorized shares from 600 million to 800 million.

"We are grateful for the support of Nikola's enthusiastic, diverse stockholder base, and the dedication of the diligent Nikola team who has continued to deliver for our customers as we worked to ensure we have more flexibility to drive Nikola's continued growth," said Mark Russell, Nikola's Chief Executive Officer. "We're excited about the strong momentum we have generated heading into this critical period as we move forward on the production and delivery of battery-electric and hydrogen fuel cell trucks and the energy infrastructure to support them."

At the 2022 Annual Meeting of Stockholders on August 2, a majority of all outstanding common stock voted to approve Proposal 2, the Amendment to the Second Amended and Restated Certificate of Incorporation to Increase the Authorized Number of Shares of Common Stock. More than 66 percent of votes cast, or more than 211 million shares, were in favor of Proposal 2.

After initially adjourning its annual meeting on June 1, 2022, Nikola had received the necessary number of votes from stockholders to approve Proposals 1, 3, and 4. These proposals were related to election of directors, a non-binding advisory vote on compensation of named executive officers, and ratification of Nikola's independent registered public accounting firm.

Final results of the vote will be certified and reported on a Form 8-K that Nikola will file with the U.S. Securities and Exchange Commission.

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-stockholder-meeting-proposal-2-passes-301598289.html

SOURCE Nikola Corporation

FAQ

What was approved at Nikola's 2022 Annual Meeting of Stockholders?

Stockholders approved an increase in authorized shares from 600 million to 800 million.

What percentage of votes supported the increase in authorized shares for NKLA?

Over 66% of votes cast, equivalent to more than 211 million shares, were in favor.

Why is Nikola increasing its authorized shares?

The increase allows Nikola more flexibility to drive its growth, particularly in production and delivery of zero-emission vehicles.

When was the stockholder meeting held?

The stockholder meeting was held on August 2, 2022.

How will Nikola report the results of the stockholder vote?

Final results of the vote will be certified and reported in a Form 8-K filed with the SEC.