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Nikola NKLA adjourned annual assembly share improve proposal

Nikola TRE FCEV2

Courtesy: Nikola

Electrical truck maker Nikola remains to be in need of successful shareholder approval to subject new inventory and has as soon as once more adjourned its annual assembly to attempt to win extra assist, the corporate mentioned on Thursday.

Nikola had adjourned its June 6 annual meeting till Thursday to attempt to drum up extra assist for the proposal. Present regulation in Delaware, the place Nikola is integrated, requires approval from homeowners of not less than 50% of the corporate’s excellent shares to move a share improve proposal.

Nonetheless, that regulation might change on Aug. 1. Beneath amendments permitted by Delaware’s state legislature and now awaiting signature by the state’s governor, an organization integrated within the state will want solely a easy majority of shares voted to approve a rise in approved shares.

Nikola’s assembly is now adjourned once more till 4 p.m. ET on Aug. 3, when the brand new rule could also be in impact. Nikola mentioned that proposal would have handed on Thursday had the brand new rule been in place.

Nikola is asking its shareholders for approval to double its complete shares approved, to 1.6 billion from 800 million, to offer it flexibility to boost money by issuing new shares as wanted.

The corporate is predicted to launch the long-awaited hydrogen gas cell model of its Tre electrical semitruck later this month. As of Could 9, it had 140 orders in hand for the brand new truck. Nikola is hoping to boost extra money to assist fund the brand new truck’s manufacturing ramp and to construct out its hydrogen refueling community within the U.S. and Canada.

Nikola will report its second-quarter outcomes earlier than the U.S. markets open on Aug. 4.

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