Nikola is to start initial commercial production of its semis in late 2021 and is also planning to build a network of large-scale hydrogen fuel stations across the U.S. And while most hydrogen is made from natural gas, Nikola intends to produce its fuel from water and renewable electric power to reduce total carbon emissions.Milton will become executive chairman of the new company, while Nikola President Mark Russell will become CEO. The boards of VectoIQ and Nikola have unanimously approved the deal.Similar to Nikola’s production partnership with Iveco, which will build its electric trucks for the European market, Milton says the Badger pickup will be produced for it by an automaker he declined to identify. Proceeds from the transaction are to be used mainly to fund Nikola’s operations and growth and come through a combination of VectoIQ’s cash in trust and a $525 million private placement of common stock at $10 per share, a move led by Fidelity, ValueAct Spring Fund and P. Schoenfeld Asset Management. The merger should be done in the second quarter, pending SEC approval, the companies said.Shares of VectoIQ, a special purpose acquisition company, or SPAC, created by former General Motors Vice Chairman Steve Girsky focused on high-tech transportation companies, jumped on the news, rising more than 11% in Nasdaq trading Tuesday to $11.50. A hydrogen-electric Nikola semi-truck hauls a load of Budweiser through St. Louis in November 2019.To date, Nikola has racked up orders for about 14,000 electric trucks that represent $10 billion of future revenue–if they are all built and delivered. View real-time stock prices and stock quotes for a full financial overview. “I founded the company to completely disrupt the energy and transportation market.”Upon completion of the merger, VectoIQ’s Nasdaq ticker of VTIQ will change to NKLA, the companies said. It is also destroyed automatically for you when the symbol is changed.Data is a real-time snapshot *Data is delayed at least 15 minutes. Nikola’s business model is based on seven-year leases to shippers, such as beermaker Anheuser-Busch, that include the cost of fuel. “It was really important that we hit the market fast.” The deal “is an example of how a SPAC, coupled with a strong pipe, can be used as an alternative to a traditional IPO,” said Alan Annex, co-chair of Greenberg Traurig’s Global Corporate Practice, who led the firm team that served as legal advisor to VectoIQ. “It’s faster and gives the target more control over the valuation.”Nikola CEO Trevor Milton at the company's Phoenix headquarters.From Los Angeles, the U.S. capital of cars and congestion, I try to make sense of technology-driven changes reshaping transportation, cities and how we get around.
We want to hear from you.To set your timezone use the location button below, or scroll through the following list...Press this button to generate a shareable image:Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. Redemption of Public Warrants . Nikola, an Arizona startup developing futuristic semi-trucks powered by hydrogen fuel cells and batteries, is listing shares on Nasdaq in an unusual … The combined entity is expected to have a stock market value or capitalization of around $3.3 billion, which would place Nikola among the 20 or so … I've tracked global automakers, advanced vehicle tech and environmental policy for more than two decades, including 15 years at Bloomberg, and squeezed in stints in the financial and corporate worlds. NKLAW | Complete Nikola Corp. Wt stock news by MarketWatch. Today’s Change. 32.74. Exhibit 99.1 . As of 7:38pm ET -0.46 / -1.39%. The company also plans to sell battery-powered all-terrain vehicles, including a version modified for military use, and electric personal watercraft.
10.16. Nikola CFO Kim Brady will retain that role and Girsky will join Nikola’s board. Like all ChartIQ markers, the object itself is managed by the chart, so when you scroll the chart the object moves with you. What's your story?“The additional capital from blue-chip investors is a sign investors in believe the future of our business,” Trevor Milton, Nikola’s founder and CEO, said in a conference call. Nikola (NKLA) stock price, charts, trades & the US's most popular discussion forums.