E-Truck Manufacturer Nikola Goes Public
By Mike Brezonick04 June 2020
Nikola Corp. announced the completion of its previously announced business combination with VectoIQ Acquisition Corp., a publicly traded special purpose acquisition company, as well as Nikola’s listing on the Nasdaq Global Select Market. As of June 4, the combined company’s shares are trading on the Nasdaq under the new ticker symbol “NKLA.”
The transaction proceeds, which could exceed $700 million, are expected to accelerate vehicle production, allow Nikola to break ground on a manufacturing facility in Coolidge, Ariz., and continue its hydrogen station infrastructure rollout.
“Nikola is thrilled to complete the Nasdaq listing and be part of the ESG investment world,” said Trevor Milton, Nikola’s founder and executive chairman. “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.
“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.”
The company expects to generate revenue by 2021 with the rollout 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.