Phoenix-based Nikola Corporation 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 traded on the Nasdaq under the new ticker symbol “NKLA” for the first time.
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.
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.
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.