Nikola Adjourns and Will Reconvene Annual Meeting of Stockholders on July 6, 2023 to Secure the Votes Needed for Proposal 2

The requisite number of votes were received to approve Proposal 1, Election of Directors; Proposal 3, the Nasdaq Proposal; Proposal 4, Amendment to the Nikola Corporation 2020 Stock Incentive Plan; Proposal 5, Non-Binding Advisory Vote on Executive Compensation; and Proposal 6, Ratification of Appointment of Independent Registered Public Accounting Firm.

However, Proposal 2, Amendment to Nikola’s Restated Certificate to Increase the Authorized Number of Shares of Common Stock, requires a majority of all outstanding common stock for approval.  More than 77% of shares voted through June 6 have been in favor of Proposal 2, but more time is needed to obtain the required vote.

While the other proposals that have received the necessary votes required only a majority of shares voted on such proposals, Proposal 2 requires a majority of all outstanding common stock to pass. This means Proposal 2 has a much higher threshold needed for approval. Nikola also has a diverse stockholder base with many investors that hold small positions in the company, making every vote critical.

Nikola is urging ALL stockholders to vote IMMEDIATELY FOR Proposal 2, which would allow Nikola to increase the authorized number of shares, providing the Company greater flexibility to support the future growth and development of its business.

The Delaware State Senate recently passed a bill approving proposed amendments to the Delaware General Corporation Law that would reduce the threshold for approval to a majority of the shares voting on the proposal. The pending legislation is expected to be effective August 1, 2023. Under this proposed new law, Nikola would have a sufficient number of votes today to secure approval for Proposal 2.

Nikola’s Board of Directors and leadership team believe it is in the best interest of Nikola and its stockholders to move Proposal 2 forward, to ensure Nikola can continue its ongoing operations, including the need for capital. Nikola is only weeks away from the initial commercial production of its hydrogen fuel cell electric truck. Without the approval of Proposal 2, Nikola’s business objectives will be delayed or compromised.

Every vote matters. Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on July 5, 2023, for their vote to count. Stockholders as of the close of business on April 10, 2023, are entitled to vote, even if they no longer own the shares. No additional action is required for stockholders who have already voted.

The 2023 Annual Meeting of Stockholders will be held virtually on Thursday, July 6, 2023, at 1:00 p.m., Pacific Time via live audio webcast. In order to attend, register in advance at http://www.viewproxy.com/nkla/2023 by 11:59 p.m., PT on July 5, 2023.