PHOENIX, June 3, 2020 /PRNewswire/ -- Nikola Corporation
today announced the completion of its previously announced business
combination with VectoIQ Acquisition Corp. (NASDAQ: VTIQ), a
publicly-traded special purpose acquisition company, and Nikola's
listing on the Nasdaq Global Select Market. The business
combination, which was approved on June 2,
2020 by VectoIQ stockholders, further solidifies Nikola as a
global leader in zero-emissions transportation and infrastructure
solutions. On June 4, 2020, the
combined company's shares will trade on the Nasdaq under the new
ticker symbol "NKLA."
The transaction proceeds are expected to accelerate vehicle
production, allow Nikola to break ground on its state-of-the-art
manufacturing facility in Coolidge,
Arizona, and continue its hydrogen station infrastructure
roll out.
"Nikola is thrilled to complete the Nasdaq listing and be part
of the ESG investment world. This is a significant endorsement in
fuel-cell and battery-electric technology. Since Nikola launched
its first fuel-cell semi-truck, you have seen the world rally
behind hydrogen and follow our lead. What was once considered the
fuel of the future is now accepted as today's solution," said
Nikola's Founder and Executive Chairman Trevor Milton. "With our Nikola IVECO joint
venture and over $10 billion in
pre-order reservations, Nikola is positioned to be a wonderful
story of how one company can literally change the world."
Stephen Girsky, CEO of VectoIQ Acquisition Corp. added,
"The VectoIQ team and I are proud to support Nikola in its
transition to a public company. It's an exciting time to be in the
zero-emissions transportation space and Nikola is at the forefront
of this technology. I look forward to continuing to support the
company as a member of the Board, and helping to make Nikola's
vision of a cleaner world a reality. Congratulations to Trevor and
the Nikola team on this milestone, a definitive step toward a
sustainable future. I would also like to thank the VectoIQ team for
their amazing contributions over the past two years, and tireless
work to execute on this transaction."
The company expects to generate revenue by 2021 with the roll
out of its Nikola Tre Class 8 BEV,
followed by the Nikola Two Class 8 FCEV starting in 2023. The build
out of hydrogen fueling stations will serve Nikola customers'
fleets, such as Anheuser-Busch.
In addition to Milton, Nikola will continue to be led by its
seasoned management team including Chief Executive Officer,
Mark Russell; Chief Financial
Officer, Kim Brady; Chief Legal
Officer, Britton Worthen and Chief
Human Resources Officer, Joseph
Pike.
Cowen served as sole financial advisor and lead capital markets
advisor, and Greenberg Traurig, LLP served as legal advisor to
VectoIQ. Deutsche Bank Securities Inc. served as an additional
capital markets advisor to VectoIQ. Morgan Stanley served as
financial advisor, and Pillsbury Winthrop Shaw Pittman LLP served
as legal advisor to Nikola.
About Nikola Corporation
Nikola Corporation is
globally transforming the transportation industry. As a designer
and manufacturer of battery-electric and hydrogen-electric
vehicles, electric vehicle drivetrains, vehicle components, energy
storage systems, and hydrogen fueling 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.
About VectoIQ
VectoIQ was formed for the purpose of
effecting a merger, share exchange, asset acquisition, stock
purchase, recapitalization or other similar business combination
with one or more businesses. VectoIQ is sponsored by VectoIQ
Holdings, LLC (including P. Schoenfeld Asset Management LP) and
Cowen.
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 Private Securities Litigation Reform Act of
1995. 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 company's expected uses of proceeds from
the business combination; potential future revenue; the company's
expectations for its trucks and hydrogen fuel cell network; market
acceptance of hydrogen fuel solutions; and market opportunity.
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, political and
business conditions and changes in domestic and foreign markets;
the potential effects of COVID-19; the outcome of judicial
proceedings to which Nikola is, or may become a party; failure to
realize the anticipated benefits of the business combination; 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 Nikola's future
business; the availability of capital; and the other risks
discussed under the heading "Risk Factors" in the definitive proxy
statement/prospectus/information statement filed by VectoIQ on
May 8, 2020 and other documents
Nikola files with the SEC in the future. 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.
Contacts
Investor Inquiries, please contact:
investors@nikolamotor.com
For Media Inquiries, please contact:
Nicole Rose
602-499-4795
nicole.rose@nikolamotor.com
Colleen Robar
313-207-5960
crobar@robarpr.com
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SOURCE Nikola Corporation