The maker of battery- and hydrogen-powered trucks delayed its annual meeting for a second time, to July 18, after too few investors voted to approve a plan to increase its authorized share count.
Nikola is delivering electric Tre semitrucks, but wants to increase its share count to raise additional funds in the future.Nikola, a maker of battery- and hydrogen-powered trucks, delayed its annual meeting for a second time to July 18 after too few investors voted to approve a plan to increase its authorized share count. Its controversial founder opposes the move.
The Phoenix-based company, which started delivering electric semis this quarter built at its Coolidge, Arizona, plant, wants to boost its total outstanding shares by a third to 800 million from 600 million to raise much-needed funds. Nikola said 48% of votes received so far back the plan, but that’s 2% short of what’s needed for approval. More than 112 million shares haven’t been voted yet, the company said.
“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,” CEO Mark Russell said in a statement. Nikola is trying to move forward with plans to expand production of electric and hydrogen cell trucks after a turbulent period that followed its public listing via a SPAC merger in June 2020. Milton was forced out of the company in September 2020 after being accused of lying to investors and is to go on trial in federal court for multiple counts of fraud. (His trial was to begin July 18, though a judge has delayed it until Sept.
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