Nikola Corporation, a leader in zero-emissions transportation solutions, has announced a series of strategic corporate actions to strengthen its financial foundation and enhance stockholder value. The company has proposed a reverse stock split and a reduction in the number of authorized shares of common stock. The reverse stock split, ranging from 1-for-10 to 1-for-30 shares, aims to increase the per-share trading price to comply with Nasdaq's minimum bid price requirement and attract a broader investor base. Concurrently, the authorized shares of common stock will be reduced from 1.6 billion to 1 billion. These measures are subject to stockholder approval at the upcoming annual meeting. Additionally, Nikola has appointed Grant Thornton LLP as its new independent registered public accounting firm...Show More

Nikola Corporation, a leader in zero-emissions transportation solutions, has announced a series of strategic corporate actions to strengthen its financial foundation and enhance stockholder value. The company has proposed a reverse stock split and a reduction in the number of authorized shares of common stock. The reverse stock split, ranging from 1-for-10 to 1-for-30 shares, aims to increase the per-share trading price to comply with Nasdaq's minimum bid price requirement and attract a broader investor base. Concurrently, the authorized shares of common stock will be reduced from 1.6 billion to 1 billion. These measures are subject to stockholder approval at the upcoming annual meeting. Additionally, Nikola has appointed Grant Thornton LLP as its new independent registered public accounting firm, replacing Ernst & Young LLP. The company's board of directors recommends stockholders vote in favor of the proposed reverse stock split, share reduction, and the ratification of Grant Thornton's appointment. Furthermore, the board seeks approval for an amendment to increase the number of shares available under the 2020 Stock Incentive Plan by 130 million shares, contingent on the reverse stock split approval. This amendment is designed to provide competitive compensation and retain top talent. The annual meeting will also include an advisory vote on executive compensation and the election of directors.