{"id":89111,"date":"2023-08-04T03:51:11","date_gmt":"2023-08-04T03:51:11","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/08\/04\/nikola-finally-gets-enough-shareholder-support-to-issue-more-shares\/"},"modified":"2023-08-04T03:51:11","modified_gmt":"2023-08-04T03:51:11","slug":"nikola-finally-gets-enough-shareholder-support-to-issue-more-shares","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/08\/04\/nikola-finally-gets-enough-shareholder-support-to-issue-more-shares\/","title":{"rendered":"Nikola finally gets enough shareholder support to issue more shares"},"content":{"rendered":"

<\/p>\n

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After three attempts and a change in Delaware law, EV truck maker Nikola was able to get enough shareholders to vote on a proposal that will allow it to issue more shares.<\/p>\n

Nikola said Thursday it received the requisite number of votes to pass a proposal that authorizes the board to issue more shares. If investors bite, Nikola could raise the capital it says it needs to keep operations running and ramp up commercial production.\u00a0\u00a0<\/span><\/p>\n

Companies incorporated in Delaware that wanted to issue more shares used to need more than 50% of all outstanding shares to vote in favor of the proposal. Under the change that went into effect August 1, companies now only need to receive a simple majority of the votes cast.<\/span><\/p>\n

Nikola\u00a0failed to get enough shareholders to vote at its June 7 and July 6 meetings.\u00a0<\/span><\/p>\n

\u201cWe are immensely grateful for the unwavering support and confidence our stockholders have demonstrated in Nikola with the passage of all of this year\u2019s Proposals,\u201d Nikola CEO Michael Lohscheller said in a statement. \u201cThis positive outcome, particularly with respect to Proposal 2, was critical for continued growth and success as we move forward with our strategic priorities, including autonomous technologies and software, our HYLA hydrogen ecosystem and the recent launch of the Nikola hydrogen fuel cell electric vehicle.\u201d<\/p>\n

Nikola is among a group of EV and mobility startups that went public via mergers with special purpose acquisition companies before generating revenue. Many of these, with Nikola leading the pack, were swept up in the meme stock craze during the pandemic and saw shares \u2014 and market cap \u2014skyrocket. All of these stocks have come crashing back down to earth, leaving EV SPACs like Nikola scrambling for cash.<\/p>\n

Nikola has also cut costs. In May, the company laid off 270 employees, or about\u00a023% of its workforce, and announced plans to restrict electric truck efforts to North America. About 150 workers who were supporting the company\u2019s European programs were laid off. Another 120 employees based at the company\u2019s Phoenix and Coolidge, Arizona sites also lost their jobs. About 900 employees remain.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

After three attempts and a change in Delaware law, EV truck maker Nikola was able to get enough shareholders to vote on a proposal that will allow it to issue more shares. Nikola said Thursday it received the requisite number of votes to pass a proposal that authorizes the board to issue more shares. If […]<\/p>\n","protected":false},"author":1,"featured_media":89112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-89111","post","type-post","status-publish","format-standard","has-post-thumbnail","category-technology"],"yoast_head":"\nNikola finally gets enough shareholder support to issue more shares - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/08\/04\/nikola-finally-gets-enough-shareholder-support-to-issue-more-shares\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nikola finally gets enough shareholder support to issue more shares - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"After three attempts and a change in Delaware law, EV truck maker Nikola was able to get enough shareholders to vote on a proposal that will allow it to issue more shares. 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