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Nikola shareholder vote on inventory sale plan due Thursday

Nikola TRE FCEV2

Courtesy: Nikola

Electrical heavy-truck maker Nikola will discover out later Thursday whether or not its shareholders have permitted its plan to lift cash by promoting extra inventory.

Nikola hopes to lift extra capital to assist ramp up manufacturing of its new fuel-cell-powered electrical heavy truck, set to launch later this month. However earlier than it may promote further inventory to lift cash, it wants to extend the entire variety of shares it is licensed to difficulty to 1.6 billion from 800 million. That transfer requires shareholder approval.

Nikola first put the plan to its shareholders at its annual assembly in June. Whereas 77% of those that voted had been in favor, there weren’t sufficient complete shares voted to move the proposal. Nikola is included in Delaware, and underneath that state’s regulation, at the least half of the entire excellent shares of an organization’s widespread inventory should be voted in favor for a share-increase proposal to move.

The corporate adjourned its annual assembly for a month to attempt to get extra of its shareholders to forged votes. The assembly will resume at 4:00 p.m. ET on Thursday, at which era Nikola will reveal whether or not the proposal handed – or if it can adjourn once more to attempt to get extra shareholders to vote.

This is not the primary time that Nikola has needed to adjourn a shareholder assembly to drum up extra votes for a proposal to promote new inventory. Final yr’s annual assembly was adjourned three times earlier than Nikola won enough votes to lift its complete shares excellent to 800 million from 600 million.

Nikola stated Wednesday that it constructed 33 of its battery-electric Tre semitrucks within the second quarter and delivered 45 to its sellers. Its sellers bought 66 vans to prospects in the course of the interval, and a complete of 99 for the reason that starting of 2023.

Nikola stated on Might 9 that it suspended production of the battery-electric Tre to give attention to launching the fuel-cell model of the Tre, which has considerably longer vary. On the time, it stated that 12 fleet prospects had ordered a complete of 140 of the upcoming fuel-cell vans.  

Nikola is working to construct out a community of hydrogen refueling stations to assist these upcoming fuel-cell vans. It stated on Tuesday that the California Transportation Fee had awarded it a $41.9 million grant to construct six of these stations in southern California, in collaboration with the state’s division of transportation.

Nikola is predicted to report its second-quarter leads to early August.

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