6,005,162 options for shares of common stock in Nikola Corporation have been granted to employees from Trevor Milton’s personal holdings
This employee award did not result in any stock dilution as shares underlying the options are granted from the founder’s existing holdings
Potential stock value of options granted as of August 26, 2020 equals approximately $233 million
Founder was not paid by the company for these stock option awards to employees
Options granted to these early employees are under lock-up provisions through November 30, 2020
PHOENIX --- August 27, 2020 — Nikola Corporation (NASDAQ: NKLA), a global leader in zero-emissions and infrastructure solutions, announces that its Founder and Executive Chairman has recently distributed 6,005,162 shares as part of an option award made in December 2017 to Nikola employees at that time.
“When we first started this company out of my basement our chances of success were pretty low,” said Nikola Founder and Executive Chairman, Trevor Milton. “I promised those initial, daring employees that I would take care of them one day. Today, I make good on that promise and deliver over six million shares to the original employees who took the job and risked their careers on a long-shot idea. They earned it and have helped me become who I am today. I am forever grateful.”
There will be a reduction in shares reflected in the founders share count as a result of this award to Nikola employees. Accordingly, this grant of shares will not dilute the shareholders within Nikola Corporation. There will be no compensation by the company to the founder for this award of shares to the employees. The employees are subject to lock-up requirements through November 30, 2020.
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.