Electric truck maker Nikola Corp said on Thursday it had garnered enough support for a proposal to increase the number of shares it can issue, opening the doors to much-needed capital.
Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmersaid on Thursday it had garnered enough support for a proposal to increase the number of shares it can issue, opening the doors to much-needed capital.
"This positive outcome, particularly with respect to Proposal 2, was critical for continued growth and success as we move forward with our strategic priorities," CEO Michael Lohscheller said in a statement.Support for the proposal comes as Nikola, like many of its EV peers, has been struggling with a cash crunch, hampering production and forcing the company to cut costs.in June and liquidated assets of a recently acquired EV battery maker.
Opposing the vote vocally was Nikola's founder and top shareholder Trevor Milton, who has also called for a change in leadership. Milton quit Nikola in 2020 following claims of fraud by a Wall Street short-seller. He was later convicted of fraud over allegations he lied to investors about Nikola's technology.
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