VOTE NOW by phone at (855) 935-2562, if in North America, or 1 (551) 210-9929 internationally
VOTE NOW online at www.proxyvote.com
PHOENIX – June 7, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy infrastructure solutions, today announced that its 2023 Annual Meeting of Stockholders has been adjourned to July 6, 2023 at 1 p.m. Pacific Time to allow stockholders additional time to vote FOR Proposal 2.
The requisite number of votes were received to approve Proposal 1, Election of Directors; Proposal 3, the Nasdaq Proposal; Proposal 4, Amendment to the Nikola Corporation 2020 Stock Incentive Plan; Proposal 5, Non-Binding Advisory Vote on Executive Compensation; and Proposal 6, Ratification of Appointment of Independent Registered Public Accounting Firm.
However, Proposal 2, Amendment to Nikola’s Restated Certificate to Increase the Authorized Number of Shares of Common Stock, requires a majority of all outstanding common stock for approval. More than 77% of shares voted through June 6 have been in favor of Proposal 2, but more time is needed to obtain the required vote.
While the other proposals that have received the necessary votes required only a majority of shares voted on such proposals, 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 critical.
Nikola is urging ALL stockholders to vote IMMEDIATELY FOR Proposal 2, which would allow Nikola to increase the authorized number of shares, providing the Company greater flexibility to support the future growth and development of its business.
The Delaware State Senate recently passed a bill approving proposed amendments to the Delaware General Corporation Law that would reduce the threshold for approval to a majority of the shares voting on the proposal. The pending legislation is expected to be effective August 1, 2023. Under this proposed new law, Nikola would have a sufficient number of votes today to secure approval for Proposal 2.
Nikola’s Board of Directors and leadership team believe it is in the best interest of Nikola and its stockholders to move Proposal 2 forward, to ensure Nikola can continue its ongoing operations, including the need for capital. Nikola is only weeks away from the initial commercial production of its hydrogen fuel cell electric truck. Without the approval of Proposal 2, Nikola’s business objectives will be delayed or compromised.
Every vote matters.Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on July 5, 2023, for their vote to count. Stockholders as of the close of business on April 10, 2023, are entitled to vote, even if they no longer own the shares. No additional action is required for stockholders who have already voted.
Voting is quick and simple:
BY PHONE: Please call Alliance Advisors, Nikola’s proxy solicitor, toll-free, at (855) 935-2562, if in North America. International voters can call 1 (551) 210-9929. You can also contact Alliance Advisors if you have any questions about voting.
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, proxy voting emails are sent by [email protected] and voting is hosted by Say Technologies. You will be able to vote and view materials directly from your email.
The 2023 Annual Meeting of Stockholders will be held virtually on Thursday, July 6, 2023, at 1:00 p.m., Pacific Time via live audio webcast. In order to attend, register in advance at http://www.viewproxy.com/nkla/2023 by 11:59 p.m., PT on July 5, 2023.
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, via the HYLA brand, 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 nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the pending legislation in Delaware, its expected effective date and its potential impact on Proposal 2; the expected benefits of passage of Proposal 2; and statements related to the Company’s business milestones and expectations, including commencement of commercial production of its hydrogen fuel cell electric truck. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: whether the pending legislation is signed into law and its final terms and the timing thereof; manufacturing delays and difficulties; the availability of and need for capital; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
More than 50% of ALL outstanding shares are needed to vote favorably to pass Proposal 2
Strong voting support has been received in favor of Proposal 2 showing high-level of engagement and support from Nikola stockholders
The large number of individual stockholder accounts, in excess of 700,000, create a challenge in obtaining the votes needed
Options are available to facilitate passage of Proposal 2 if vote not secured by June 7
PHOENIX – June 5, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, encourages ALL stockholders to actively vote today for Proposal 2 before the Annual Meeting of Stockholders on June 7, 2023. Proposal 2 would allow Nikola to increase its authorized number of shares of common stock.
As of June 5, 2023, Proposal 2 has received positive voting support. Nikola continues to work to secure more than 50% of ALL outstanding shares to vote favorably to pass Proposal 2, noting challenges with obtaining approval due to the significant number of stockholders, including a large number of individual retail accounts, and international accounts.
Nikola faced a similar challenge at last year’s Annual Meeting which resulted in several adjournments to allow for more time to get the votes needed. If necessary, Nikola will adjourn its Annual Meeting to allow for more time to vote on all proposals.
The Delaware State Senate recently passed a bill approving proposed amendments to the Delaware General Corporation Law that would reduce the threshold for approval to a majority of the shares voting on the proposal. The pending legislation is expected to be effective August 1, 2023. Under this proposed new law, Nikola would have sufficient number of votes today to secure approval for Proposal 2.
Nikola’s Board of Directors and leadership team believe it is in the best interest of Nikola and its stockholders to move Proposal 2 forward, to ensure Nikola can continue its ongoing operations, including the need for capital. Nikola is only weeks away from the initial commercial production of its hydrogen fuel cell electric truck. Without the approval of Proposal 2, Nikola’s business objectives will be delayed or compromised.
Voting is quick and simple:
BY PHONE: Please call Alliance Advisors, Nikola’s proxy solicitor, toll-free, at (855) 935-2562, if in North America. International voters can call 1 (551) 210-9929. You can also contact Alliance Advisors if you have any questions about voting.
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, proxy voting emails are sent by [email protected] and voting is hosted by Say Technologies. You will be able to vote and view materials directly from your email.
Every vote matters.Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on June 6, 2023, for their vote to count. Stockholders as of the close of business on April 10, 2023, are entitled to vote, even if they no longer own the shares.
The 2023 Annual Meeting of Stockholders will be held virtually on Wednesday, June 7, 2023, at 1:00 p.m., Pacific Time via live audio webcast. In order to attend, register in advance at http://www.viewproxy.com/nkla/2023 by 11:59 p.m., PT on June 6, 2023.
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, via the HYLA brand, 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 nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the pending legislation in Delaware, its expected effective date and its potential impact on Proposal 2; and statements related to the Company’s business milestones and expectations, including commencement of commercial production of its hydrogen fuel cell electric truck and the rollout of the hydrogen fueling infrastructure. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: whether the pending legislation is signed into law and its final terms and the timing thereof; manufacturing delays and difficulties; risks related to the rollout of the Company’s hydrogen fueling infrastructure and the timing thereof; construction risks and delays; the availability of and need for capital; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Capital-intensive business requires tough decisions, focus on streamlining and increasing positive momentum
Published
PHOENIX – June 1, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, hosted a fireside chat with Nikola President and CEO, Michael Lohscheller, with questions submitted by NKLA stockholders. The chat was held in advance of the June 7 annual stockholders meeting where an important vote is being held on Proposal 2 to allow the company to increase the authorized number of shares of its common stock.
A complete video and transcript of the session can be found here:
Lohscheller kicked off the session with the following remarks:
“We believe that Nikola is on the right side of history. In a world where diesel trucks are starting to be phased out and strong regulations are being passed, we have zero-emission Class 8 trucks – with battery electric and hydrogen fuel cell electric powertrains – and the HYLA hydrogen infrastructure business coming together. We have a state-of-the-art manufacturing facility in Coolidge, Arizona, with a production line that is soon to be capable of building both battery electric and hydrogen fuel cell trucks. We have assembled teams of top engineers, energy experts, and assembly, sales, marketing, planning and HR personnel, among many others, coming from well-established and industry-leading companies. We have the experience. We have the product. We have the people.”
“But what we’ve created is very capital-intensive,” he added. “Engineering and constructing trucks and creating a hydrogen business takes capital, but we also think we can deliver good returns to our stockholders based on the competitive advantages discussed above. And with more than four million Class 8 diesel trucks on the road in North America today, we have a lot of work to do and ground to cover.”
Among the topics addressed by Lohscheller:
The Nasdaq non-compliance letter
Company initiatives to reduce spending and achieve profitability
Customer orders, sales traction, and delivery volumes
Hydrogen station infrastructure and the plan to roll out the stations to support truck deployment
Approval of Proposal 2 will help ensure that Nikola can continue moving forward to achieve new milestones on the path to pioneering solutions for a zero-emissions world. Without these additional shares, Nikola’s ability to continue its ongoing operations and objectives, including Nikola’s need for capital, will be out of reach.
Every vote matters.Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on June 6, 2023, for their vote to count. Stockholders as of the close of business on April 10, 2023, are entitled to vote, even if they no longer own the shares.
Voting is quick and simple:
BY PHONE: Call Alliance Advisors, Nikola’s proxy solicitor, toll-free at (855) 935-2562 if in North America. International voters can call +1 (551) 210-9929. You can also contact Alliance Advisors if you have any questions about voting.
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, proxy voting emails are sent by [email protected] and voting is hosted by Say Technologies. You will be able to vote and view materials directly from your email.
The 2023 Annual Meeting of Stockholders will be held virtually on Wednesday, June 7, 2023, at 1:00 p.m., Pacific Time via live audio webcast. To attend the meeting, register in advance at http://www.viewproxy.com/nkla/2023 by 11:59 p.m., Pacific Time on June 6, 2023.
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, via the HYLA brand, 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 nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the Company’s goal, mission and strategy; and the Company’s need for additional shares of common stock and capital, including potential consequences of not obtaining the required stockholder vote. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; the availability of and need for capital; the approval by stockholders of an increase in the Company’s authorized common stock; the Company’s ability to achieve cost reductions and decrease its cash usage; and the factors, risks and uncertainties described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements.
BRANDENBURG, KY, May 25, 2023 – PGT Trucking, Inc., a leader in flatbed transportation, delivered its inaugural shipment of low-greenhouse-gas steel via Nikola’s Class 8 battery-electric vehicle from Nucor’s new Brandenburg, KY plant to a nearby fabricator, as part of its sustainable shipping solutions program.
To commemorate this first-ever shipment of low GHG intensity steel by a Class 8 zero-emissions truck, the companies welcomed team members, media and local officials to Nucor Brandenburg for a behind-the-scenes look at the sustainable equipment and commodities that are transforming the steel and transportation industries.
“PGT Trucking is proud to partner with companies like Nikola and Nucor who share a common vision and commitment to a greener future,” said Gregg Troian, PGT Trucking President. “We are confident that these relationships will help guide PGT’s Future of Flatbed® initiatives, allowing us to reach our goal of a 35% reduction in emissions of our company-owned equipment by the year 2025.”
Participants heard formal presentations from Troian; Nikola Global Head, FCEV Market Development Jason Roycht; Nucor EVP of Plate & Structural Products Al Behr; and Nucor Steel Brandenburg GM Johnny Jacobs. Attendees were then taken on a guided and interactive tour of the Nikola Class 8 battery-electric semi-truck and charging station.
“For more than five decades, Nucor has been built on the sustainable model of producing steel with a low carbon footprint,” stated Behr. “Even though we are one of the cleanest steelmakers in the world, we know we need to continue to lower our greenhouse gas intensity. This partnership with PGT and Nikola is just one example of the innovative ways Nucor is working to reduce its carbon emissions.”
Nucor has installed charging stations at multiple mills, including Brandenburg, to enable the use of battery-electric flatbed trucks. It is estimated that a short-haul delivery made using this truck will reduce carbon emissions by 40% and create a 20% savings in energy cost, per trip.
According to a study by the North American Council for Freight Efficiency (NACFE), if 50% of the heavy-duty regional haul tractors were replaced with battery-electric trucks, the industry could save an estimated 29.4 million metric tonnes of carbon dioxide equivalent annually.
“Nikola is proud to partner with PGT Trucking to play a role in Nucor’s inaugural shipment of low GHG intensity steel with our Class 8 Tre battery-electric truck,” said Roycht. “This level of teamwork between product manufacturer, transportation provider, and vehicle manufacturer is exactly what it will take to evolve the industry to zero-emission trucking. We look forward to continuing this journey with PGT Trucking and Nucor.”
“By aligning our business objectives with those of our customers, PGT is advancing the transportation industry to move more freight in an efficient and environmentally clean manner,” added Troian.
Additional event photos and video can be found here.
ABOUT PGT TRUCKING PGT Trucking, Inc., founded in 1981, is a multi-service transportation firm offering flatbed, dedicated, international and specialized services. Headquartered in Aliquippa, PA, PGT is the leader in progressive freight transportation and fleet evolution. PGT operates over 1,000 power units and 1,500 trailers, exceeding customer expectations, focused on the Future of Flatbed®. PGT was recognized as a 2023 Best Fleets to Drive For®. At PGT Trucking, “Safety is Everyone’s Job – All the Time.” Visit www.pgttrucking.com.
DEADLINE TO VOTE: June 6, 2023, at 11:59 p.m., Eastern Time
VOTE BY PHONE: North America – (855) 935-2562 or International – +1 (551) 210-9929
VOTE ONLINE: www.proxyvote.com
PHOENIX – May 24, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, encourages ALL stockholders to VOTE NOW for Proposal 2, which would allow Nikola to increase its authorized number of shares of common stock.
Approval of this proposal will help ensure that Nikola can continue moving forward to achieve new milestones on the path to pioneering solutions for a zero-emissions world. Without these additional shares, Nikola’s ability to continue its ongoing operations and objectives, including Nikola’s need for capital, will be out of reach.
Every vote matters.Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on June 6, 2023, for their vote to count. Stockholders as of the close of business on April 10, 2023, are entitled to vote, even if they no longer own the shares.
Voting is quick and simple:
BY PHONE: Call Alliance Advisors, Nikola’s proxy solicitor, toll-free at (855) 935-2562 if in North America. International voters can call +1 (551) 210-9929. You can also contact Alliance Advisors if you have any questions about voting.
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, proxy voting emails are sent by [email protected] and voting is hosted by Say Technologies. You will be able to vote and view materials directly from your email.
In this video here, Nikola’s President and Chief Executive Officer, Michael Lohscheller, further explains why your support is critical.
The 2023 Annual Meeting of Stockholders will be held virtually on Wednesday, June 7, 2023, at 1:00 p.m., Pacific Time via live audio webcast. To attend the meeting, register in advance at http://www.viewproxy.com/nkla/2023 by 11:59 p.m., Pacific Time on June 6, 2023.
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, via the HYLA brand, 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 nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the Company’s goal, mission and strategy; and the Company’s need for additional shares of common stock and capital. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; the availability of and need for capital; the approval by stockholders of an increase in the Company’s authorized common stock; the Company’s ability to achieve cost reductions and decrease its cash usage; and the factors, risks and uncertainties described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements.
PHOENIX — May 19, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, today announced it will hold a “Fireside Chat” and Q&A session for stockholders with CEO Michael Lohscheller on Thursday, June 1, 2023 at 4:30 p.m. ET (1:30 p.m. PT). The primary purpose of the Fireside Chat is to address questions related to the upcoming Annual Meeting of Stockholders, including the proposal to increase the authorized common stock and its importance to Nikola’s business.
Nikola will utilize a Q&A platform developed by Say Technologies to allow verified retail and institutional investors to submit and upvote questions. During the event, Lohscheller will address a selection of questions, with an emphasis on those regarding the proposals at the Annual Meeting of Stockholders.
The platform will open May 22, 2023, at 10 a.m. ET (7 a.m. PT) and close on May 31, 2023, at 10 a.m. ET (7 a.m. PT). To submit questions, please go here:
What: Nikola CEO Fireside Chat and Q&A Webcast with Michael Lohscheller When: Thursday, June 1, 2023 Time: 4:30 p.m. ET (1:30 p.m. PT) Webcast: Live and Replay
An archived webcast of the conference call will be accessible from the Investor Relations section of the company’s website.
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 nikolamotor.com or Twitter @nikolamotor.
DEADLINE to VOTE: 11:59 p.m., Eastern Time on June 6, 2023
VOTE NOW by phone at (855) 935-2562, if in North America, or 1 (551) 210-9929, if international; or
VOTE NOW online at www.proxyvote.com
PHOENIX – May 10, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, has published a video message from President and Chief Executive Officer Michael Lohscheller, explaining why he is recommending Nikola stockholders vote FOR all six proposals for the June 7 annual meeting, particularly Proposal 2. The video can be accessed HERE and is available on all Nikola social media channels.
Proposal 2 is seeking the approval to increase the number of authorized shares of Nikola common stock.
In the video, Lohscheller states, “Nikola is in a capital-intensive energy and transportation business. Trucks and fueling stations are expensive. Our goal is to change the way the world transports goods, so we aren’t damaging our planet. The company is meeting its milestones and producing some of the world’s first battery-electric trucks, and is on track to produce some of the world’s first hydrogen fuel cell electric trucks so we can reduce the 4 million Class 8 diesel trucks on U.S. roads today. Nikola is creating a clean energy ecosystem to acquire, produce and distribute hydrogen to fuel these trucks. We intend to have 60 stations in California by 2026.”
To make this happen, Nikola is asking its stockholders to help create this future by voting FOR all the proposals.
Every vote matters.Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on June 6, 2023, for their vote to count.
VOTE NOW – it is quick and simple:
BY PHONE: Please call Alliance Advisors, Nikola’s proxy solicitor, toll-free, at (855) 935-2562, if in North America. International voters can call 1 (551) 210-9929. 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.
Beneficial holders should call 1 (866) 804-9616.
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, proxy voting emails are sent by [email protected] and voting is hosted by Say Technologies. You will be able to vote and view materials directly from your email.
The 2023 Annual Meeting of Stockholders will be held virtually on Wednesday, June 7, 2023, at 1:00 p.m., Pacific Time via live audio webcast. In order to attend, you must register in advance at http://www.viewproxy.com/nkla/2023 by 11:59 p.m., PT on June 6, 2023.
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, via the HYLA brand, 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 nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the Company’s goal and strategy; the Company’s expectations regarding the production of hydrogen fuel cell electric trucks; and the Company’s plans with respect to building hydrogen fuel stations, including the timing thereof. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; demand for and customer acceptance of the Company’s trucks; the execution and terms of definitive agreements; risks associated with development and testing of fuel-cell power modules and hydrogen storage systems; risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; the availability of and need for capital; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2023 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Reprioritizing and refocusing the company on North America, hydrogen fuel cell electric truck, HYLA hydrogen refueling business, and autonomous technologies
Orders received from 12 customers for 140 Nikola hydrogen fuel cell electric trucks
In May, executed joint development agreement with Voltera to develop up to 50 HYLA hydrogen refueling stations
Reported GAAP net loss per share of $0.31 and non-GAAP net loss per share of $0.26 for Q1 2023
Realigning cost structure with new business focus, reducing spend and cash burn
Substantial gross margin improvement from Q4 2022 to Q1 2023
Building sales momentum with 31 wholesale deliveries to dealers and 33 retail sales from dealers to end customers
PHOENIX – May 9, 2023 — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, today reported financial results and business updates for the quarter ended March 31, 2023.
“Nikola had a very solid quarter, building sales momentum with Class 8 battery electric truck deliveries to customers, and orders for 140 hydrogen fuel cell trucks from customers,” said Nikola CEO Michael Lohscheller. “We have the right products at the right time, and as we move forward, we will be focusing on the North American market, hydrogen fuel cell trucks, the HYLA hydrogen refueling business, and autonomous technologies.”
“We are on the right path with our re-energized management and commercial teams, improved sales strategy, new dealers, and energy partners,” Lohscheller continued.
Strategic Refocus on Nikola’s Core Business We have reprioritized the business, focusing on the North American market, hydrogen fuel cell trucks, HYLA hydrogen ecosystem, and autonomous technologies, vehicle controls, and software. Manufacturing and energy are capital intensive businesses, and we need to remain focused where we have competitive and first mover advantages. As such, we are selling our stake in the European manufacturing joint venture to Iveco Group in exchange for $35 million cash consideration and 20.6 million shares of Nikola common stock that will be returned to us by Iveco. Iveco will remain an important partner and key supplier for us and will cheer for our long-term success, and they are expected to remain a meaningful stockholder moving forward.
The U.S. is the leader in energy transition with federal incentives such as the Inflation Reduction Act and strong truck and infrastructure incentive programs in states including California, New York, New Jersey, Colorado, and Washington. From a policy perspective, many states have been introducing strong regulations mandating zero-emissions vehicles. For example, in California, per the California Air Resources Board (CARB) Advanced Clean Fleets regulation summary, beginning January 1, 2024, only zero-emission drayage trucks may register in the CARB Online System. All drayage trucks entering seaports and intermodal railyards would be required to be zero-emission by 2035.
We are a one-stop solution for fleets to achieve compliance with regulatory requirements and take advantage of state and federal incentives, with battery electric trucks available immediately and hydrogen fuel cell trucks available later this year. By focusing on what we do best, Nikola has a first-mover advantage and can capture a sizeable share of the commercial trucking market, while also building out a hydrogen energy business capable of long-term growth.
Energy Business Progress On May 2, 2023, we announced the execution of a joint development agreement with Voltera Power, backed by EQT. As part of the agreement, Voltera intends to supply the capital for up to 50 HYLA hydrogen refueling stations over the next five years. Our strategic partnership with Voltera is further validation of our capital light strategy and interest from financial partners to participate in the build out of our hydrogen refueling ecosystem.
We have made significant progress on PHH, receiving unanimous approval from the City of Buckeye City Council on our general plan amendment and rezoning application. We are ordering long lead-time equipment and continue to work on completing Phase 2 of the Department of Energy Loan Program Office application process. We also continue to work closely with Fortescue Future Industries on the co-development of large-scale U.S. green hydrogen production facilities across North America.
We see tremendous opportunity for mobile hydrogen fueling and believe mobile fueling will play a critical role in the build out of the hydrogen refueling ecosystem, allowing us to be flexible and capital efficient as truck network density is scaled. As of today, we have commissioned four HYLA hydrogen mobile fuelers and are working with partners for additional mobile fuelers.
As of today, we have completed the first two of 10 gamma hydrogen fuel cell trucks. The remaining eight trucks are scheduled to be complete by the end of June. Gamma trucks will be used for customer pilots and to finalize vehicle validation. Pilot fleets include Biagi Bros, Walmart, Linde, and AJR Trucking, a leading carrier for the United States Postal Service.
Nikola Tre Battery Electric Commercialization During the first quarter, we produced 63 Tre battery electric trucks and delivered 31 to dealers. We are beginning to see an uptick in retail sales, achieving 33 in the quarter, a significant increase from 2022. As we have sufficient inventory of the battery electric truck, we will temporarily pause production in Coolidge as we modify the assembly line to accommodate both hydrogen fuel cell and battery electric builds on the same line. After we resume production in Coolidge, the battery electric Tre will remain in our lineup as a build-to-order product.
Coolidge, Arizona Manufacturing Facility In Coolidge, progress continued on the Phase 2 assembly hall expansion, which is on track to be completed by the end of Q2. At the end of May, we plan to pause truck production as we convert the line to accommodate both hydrogen fuel cell and battery electric trucks on the same line and will resume production in July with the first saleable hydrogen fuel cell trucks.
We also anticipate we will begin battery module and pack manufacturing in Coolidge by the end of July, and Bosch Fuel Cell Power Module assembly by December 2023.
First Quarter Financial Highlights
Webcast and Conference Call Information Nikola will host a webcast to discuss its first-quarter results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on May 9, 2023. To access the webcast, parties in the United States should follow this link: https://www.webcast-eqs.com/register/nikola20230509/en.
The live audio webcast, along with supplemental information, will be accessible on the Company’s Investor Relations website at https://nikolamotor.com/investors/news?active=events. A recording of the webcast will also be available following the earnings call.
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, via the HYLA brand, 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 our website or Twitter @nikolamotor.
Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to the Company’s future performance and milestones; expectations related to manufacturing facility expansion, truck manufacturing schedule and truck delivery; expected benefits and production plans of HYLA mobile fueler; expectations relating to battery module and pack manufacturing; expected orders and deliveries of trucks and the timing thereof; our belief that we have best-in-class products, and the first production BEVs and FCEVs available for purchase; our belief that we have the competitive and first mover advantage; the Company’s business outlook; and terms and potential benefits of planned and actual collaborations with strategic partners. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: design and manufacturing changes and delays, including global shortages in parts and materials; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; the effects of inflation and COVID-19; the outcome of legal, regulatory and judicial proceedings to which the Company or Romeo Power, Inc. (“Romeo”) is, or may become a party to; demand for and customer acceptance of the Company’s trucks; the results of customer pilot testing; the execution and terms of definitive agreements; the failure to convert LOIs or MOUs into binding orders; the cancellation of orders; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; the effects of competition on the Company’s business; the availability of and need for capital; the approval by stockholders of an increase in the Company’s authorized common stock; the Company’s ability to achieve cost reductions and decrease its cash usage; customer demand for the Company’s trucks; the grant and continued applicability of federal and state incentives; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s annual report on Form 10-K for the year ended December 31, 2022 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures This press release references Adjusted EBITDA and non-GAAP net loss per share, basic and diluted, all of which are non-GAAP financial measures and are presented as supplemental measures of the Company’s performance. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation expense, and certain other items determined by the Company. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items determined by the Company. Non-GAAP net loss per share basic and diluted is defined as non-GAAP net loss divided by weighted average basic and diluted shares outstanding. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.
The Company believes that presenting these non-GAAP measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.
Turin, Italy, 9th May/Phoenix, AZ, USA, 8th May 2023. Iveco Group N.V. (MI: IVG) and Nikola Corporation (NASDAQ: NKLA) announce today that they are excited to enter a new phase of their partnership, which started in 2019 and has so far met all milestones to leverage the respective expertise to deploy zero-emission heavy-duty (Class 8) trucks in North America and Europe. The two companies worked jointly at a steady pace, despite Covid-19 and supply chain challenges, to achieve the outcomes of the previous phase, launching Battery Electric Vehicles (BEV) and Fuel Cell Electric Vehicles (FCEV) for regional and long haulage.
Each company is now eager to sharpen its own focus on heavy-duty transport. Iveco Group will concentrate on Europe for the further development and commercialisation of its own battery electric and fuel cell electric trucks, which includes rolling out its financing business model GATE, and Nikola will focus its operations in North America, with an integrated approach to its customers, offering BEV, FCEV and hydrogen infrastructure via its HYLA brand.
Iveco Group will assume full ownership of the joint venture in Ulm, Germany. Also, Iveco Group will be licensed to freely access and continue developing vehicle control software for the jointly developed BEV and FCEV. Nikola will be granted the IVECO S-Way technology license for North America and related component supply from Iveco Group, and will gain joint ownership of the intellectual property of Generation 1 eAxles, technology developed together with Iveco Group’s powertrain brand, FPT Industrial.
Iveco Group will cover the capital outlay related to this new phase of collaboration through its available liquidity, acquiring the above-named items partially in cash (USD $35 million) and partially in Nikola shares (20 million of shares). Despite the negative cash impact generated, Iveco Group forecasts to absorb it with cash flow generation and therefore this does not change its cash flow target for 2023; it will also retain a meaningful amount of Nikola shares. Iveco Group and Nikola will continue to work towards the same ultimate goal: to lead the energy transition to the future of mobility.
The above-mentioned provisions are subject to all applicable regulatory approvals and preparation of definitive agreements to more fully implement the terms of the binding terms sheet between the companies.
ABOUT IVECO GROUP Iveco Group N.V. (MI: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; MAGIRUS, the industry-reputed firefighting vehicle and equipment manufacturer; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs more than 35,000 people around the world and has 20 industrial sites and 29 R&D centres. Further information is available on the Company’s website www.ivecogroup.com
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 nikolamotor.com or Twitter @nikolamotor.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the focus and strategy of each of Iveco Group and Nikola; expectations relating to the ownership of the joint venture, intellectual property and licenses; expectations related to ownership of Nikola shares; the belief that Iveco Group will absorb costs related to changes to the joint venture. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the parties’ management teams. We cannot assure you that forward looking statements will be achieved, and forward-looking statements are not predictions of actual performance. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: the deployment of the terms sheet through execution of definitive documentation between the parties; design and manufacturing changes, challenges and delays; changes in vehicle specifications; economic, financial, legal, supply chain, regulatory, political and business conditions and changes in domestic and foreign markets; potential challenges arising from COVID-19; the outcome of legal, regulatory and judicial proceedings to which each of the parties is, or may become a party; demand for and customer acceptance of BEV and FCEV trucks; risks associated with development and testing of battery storage systems, e-axels, fuel cell power modules and hydrogen storage systems; risks related to the rollout of the parties’ business and the timing of expected business milestones, including delivery of BEV and FCEV trucks for sale; the effects of competition on future business; the availability of capital; and the other risks detailed from time to time in the reports and other documents each of the parties filed with the relevant authorities (such as the US Securities and Exchange Commission, the Netherlands Authority for the Financial Markets – AFM, the Italian Commissione Nazionale per le Società e la Borsa), pursuant to applicable rules. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and each of Nikola and Iveco Group specifically disclaims any obligation to update these forward-looking statements.
IVECO GROUP MEDIA CONTACTS Francesco Polsinelli, Tel: +39 335 1776091 Fabio Lepore, Tel: +39 335 7469007 E-mail: [email protected]
PHOENIX and LONG BEACH, CALIF., May 3, 2023 – Nikola Corporation (NASDAQ: NKLA), a global leader in zero-emissions transportation, energy supply and infrastructure solutions, via the HYLA brand, and WattEV, a Long Beach-based developer of charging infrastructure for heavy-duty trucks and provider of electric trucks as a service (TaaS), today announced the upcoming sale and delivery of 14 Nikola Tre battery-electric vehicles (BEVs). The sale is being financed with a long-term lease between Mitsubishi HC Capital America and WattEV.
WattEV is building powerful public charging depots to serve fleets of commercial BEVs. WattEV also provides electric trucks as a service (TaaS) to meet the needs of shippers and fleet operators committed to meeting California’s mandates towards zero-emissions. WattEV’s first of four charging depots in Southern California will open for service at the Port of Long Beach with access to Interstate 710 and 110 starting in May 2023. Nikola trucks can use the WattEV depots for daily charging.
“WattEV’s mission aligns with Nikola’s zero-emission vision to address the infrastructure pain point in support of the transition to zero-emissions by placing commercial truck charging solutions at all their depots,” said Michael Lohscheller, President and CEO, Nikola Corporation. “We anticipate the availability of WattEV’s charging depots will play a significant role in industry adoption and provide customers with immediate zero-emission solutions.”
WattEV CEO Salim Youssefzadeh says his company aims to reduce charging times significantly.
“We have been running a pilot test with Nikola battery-electric trucks for the past six months and are quite satisfied with the energy efficiency of the trucks and the ongoing technical support,” Youssefzadeh said*.
The Combined Charging System (CCS) is the current charging standard for heavy-duty e-trucks, while faster charging systems are under development.
The higher-power Megawatt Charging System (MCS) is expected to become the worldwide standard for fast-charging of medium and heavy-duty commercial vehicles reducing the typical charge sessions to less than 30 minutes.
Launched by CARB in 2009, HVIP is the earliest program in the U.S. to demonstrate the function, flexibility, and effectiveness of a limited pool of first-come first-served incentives that reduce the incremental cost of clean commercial vehicles.
HVIP is administered by CALSTART, a national clean transportation nonprofit consortium, on behalf of CARB. With a range of up to 330 miles, the Nikola Tre BEV is expected to have the longest range among the current HVIP eligible Class 8 tractors. The Tre’s cabover design is ideal for metro-regional applications because it has improved visibility and maneuverability, along with a smooth and quiet ride free of the smell of diesel emissions.
Both Nikola (booth #6494) and WattEV (booth #5815) are at the Advanced Clean Transportation Expo May 1-4, 2023, where the Nikola Tre BEV and FCEV are on display and available for the ride and drive portion of the event.
WattEV is featuring its MCS charger at ACT Expo and is hosting the Vehicle Interoperability Testing Symposium May 9-11, 2023, at WattEV’s Charging Depot at the Port of Long Beach, with high capacity chargers capable of charging more than 100 truck a day. The Nikola Tre BEV will be showcased at the event.
ABOUT NIKOLA CORPORATION Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric vehicles (BEV) and hydrogen electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, via the HYLA brand, 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 nikolamotor.com or Twitter @nikolamotor.
ABOUT WATTEV WattEV’s mission is to accelerate the transition of U.S. trucking transport to zero emissions. Using a combination of business and technology innovations, WattEV develops charging infrastructure and data-driven workflow that provide truckers and fleet operators the lowest total cost of ownership. WattEV’s goal is to put 12,000 heavy-duty electric trucks on California roads by the end of 2030, exceeding existing forecasts. More information is available online at www.WattEV.com.
FORWARD LOOKING STATEMENTS Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations regarding Nikola’s business model and strategy; expected benefits from Nikola vehicles charging at WattEV depots; the expectations for Nikola’s trucks and market acceptance of electric trucks; and the expected benefits of TaaS. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Nikola’s management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; risks related to the conflict between Russia and Ukraine; the outcome of legal proceedings to which Nikola is, or may become a party; the conversion of pre-orders into binding orders; risks related to the rollout of Nikola’s business and the timing of expected business milestones; the effects of competition on future business; the availability of capital; and the other risks and factors detailed from time to time in Nikola’s reports filed with the Securities and Exchange Commission, including the risks discussed in Nikola’s annual report on Form 10-K for the year ended December 31, 2022 and other documents Nikola files with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and Nikola specifically disclaims any obligation to update these forward-looking statements.
