The maker of battery- and hydrogen-powered trucks is pleading with investors to approve the company’s plan to raise cash with a massive share sale.
currently. A decision on the proposal is to come at the company’s annual meeting, scheduled for June 30.
Nikola has had a turbulent run since going public via a SPAC merger in June 2020. Founder Trevor Milton, who remains a major company shareholder, was forced out of the company after being accused of lying to investors and is to go on trial in federal court in July for multiple counts of fraud. He has denied any wrongdoing.
Milton voted against the share sale plan on June 1, at Nikola’s initial annual meeting, leading the company to adjourn the proceedings until next week.
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