Nikola announces closing of business combination ahead of Nasdaq introduction

Tps Logo Online Headshot
Updated Jan 29, 2021

Nikola Corporation announced Wednesday the completion of its previously announced business combination with VectoIQ, 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, allowing Nikola to break ground on its state-of-the-art manufacturing facility in Coolidge, Ariz., and continue its hydrogen station infrastructure roll out, the company says.

“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,” says Trevor Milton, Nikola founder and executive chairman. “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. 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.”

Adds Stephen Girsky, CEO, VectoIQ Acquisition Corp., “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 says 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.

In addition to Milton, Nikola will continue to be led by its seasoned management team including CEO Mark Russell; CFO Kim Brady; Chief Legal Officer Britton Worthen and Chief Human Resources Officer Joseph Pike.

Learn how to move your used trucks faster
With unsold used inventory depreciating at a rate of more than 2% monthly, efficient inventory turnover is a must for dealers. Download this eBook to access proven strategies for selling used trucks faster.
Used Truck Guide Cover