Breaking News

Akasa Announces Fermi CM5 Fanless Case for Raspberry Pi Compute Module 5 LG Electronics Advances the LG Sound Suite Experience With New DTS DJI Delivers First Drone Dock with Automated, 25-Second Battery Swaps ASUS Announces ExpertBook A7 (AMD) Kioxia Introduces Direct Liquid Cooling Support for Enterprise SSDs

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Essays
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed

Search form

Nikola to Be Listed on NASDAQ Through a Merger With VectoIQ

Nikola to Be Listed on NASDAQ Through a Merger With VectoIQ

Enterprise & IT Mar 3,2020 0

Nikola, an Arizona startup developing semi-trucks powered by hydrogen fuel cells and batteries, is listing shares on Nasdaq in a merger with publicly traded acquisition firm VectoIQ that the companies say is worth $3.3 billion.

Upon the closing of the transaction, the combined company will be named Nikola Corporation and is expected to remain NASDAQ-listed under the new ticker symbol “NKLA.”

Nikola is developing zero emissions heavy duty trucks and hydrogen infrastructure. More than $10 billion in pre-order leases to date and the joint venture with European industrial vehicle manufacturer IVECO make Nikola a formidable competitor to other OEMs (original equipment manufacturers). Nikola’s business model supplies both the truck and hydrogen fueling infrastructure. The transaction proceeds will accelerate production, allow Nikola to break ground on its manufacturing facility in Coolidge, Arizona, and begin its hydrogen station infrastructure roll out. The company expects to generate revenue by 2021 with the roll out of its BEV truck, followed by FCEV truck sales starting in 2023 and the initial build out of hydrogen fueling stations to serve Nikola customers’ fleets, such as Anheuser-Busch.

Trevor Milton, Founder and CEO of Nikola, will serve as Executive Chairman of the combined company. Prior to launching Nikola in 2015, Mr. Milton served as CEO of dHybrid Systems, a natural gas storage technology company.

Mark Russell, who has more than 20 years of experience building and managing companies in the manufacturing industry, will serve as the CEO of Nikola.

The transaction reflects an implied enterprise value at closing of $3.3 billion. Cash proceeds raised in connection with the transaction, which will primarily be used to fund operations, support growth and for other general corporate purposes, will be funded through a combination of VectoIQ’s cash in trust and a $525 million private placement of common stock at $10.00 per share led by institutional investors including Fidelity Management & Research Company, ValueAct Spring Fund and P. Schoenfeld Asset Management LP. Current Nikola stockholders will remain majority owners of the combined company at closing.

The boards of directors of both VectoIQ and Nikola have unanimously approved the proposed transaction. Completion of the proposed transaction is subject to approval of VectoIQ and Nikola stockholders and other customary closing conditions, including a registration statement being declared effective by the Securities and Exchange Commission, and is expected to be completed in the second quarter of 2020.

Tags: NikolaHydrogen Energy
Previous Post
Kodi "Leia" 18.6 Released
Next Post
Xilinx's SmartNIC Platform Brings Turnkey Network, Storage and Compute Acceleration to Cloud Data Centers

Related Posts

  • The Volvo Group and Daimler Truck form Joint Venture for Production of Fuel Cells

  • Toyota and Hino to Develop Heavy-Duty Fuel Cell Truck

  • Hyundai's Hydrogen Trucks Ready to Hit Roads in Switzerland

  • Nikola Unveils The Badger FCEV / BEV Pickup Truck With An Estimated 600 Mile Range

  • Hyundai Debuts the HDC-6 NEPTUNE Concept, a Hydrogen-powered Class 8 Truck at NACV Show

  • Groupe Renault Introduces Hydrogen Delivery Vans

  • Panasonic to Commercialize Hydrogen Fuel Cell Generator

Latest News

Akasa Announces Fermi CM5 Fanless Case for Raspberry Pi Compute Module 5
Cooling Systems

Akasa Announces Fermi CM5 Fanless Case for Raspberry Pi Compute Module 5

LG Electronics Advances the LG Sound Suite Experience With New DTS
Consumer Electronics

LG Electronics Advances the LG Sound Suite Experience With New DTS

DJI Delivers First Drone Dock with Automated, 25-Second Battery Swaps
Drones

DJI Delivers First Drone Dock with Automated, 25-Second Battery Swaps

ASUS Announces ExpertBook A7 (AMD)
Enterprise & IT

ASUS Announces ExpertBook A7 (AMD)

Kioxia Introduces Direct Liquid Cooling Support for Enterprise SSDs
Enterprise & IT

Kioxia Introduces Direct Liquid Cooling Support for Enterprise SSDs

Popular Reviews

Endorfy Thock V2 Wireless Keyboard

Endorfy Thock V2 Wireless Keyboard

SoundPeats Cove Pro

SoundPeats Cove Pro

The Quiet Technology Behind the Spin

The Quiet Technology Behind the Spin

Akaso Brave 8 Lite

Akaso Brave 8 Lite

SoundPeats C30

SoundPeats C30

Kioxia Exceria Plus G3 512GB microSD

Kioxia Exceria Plus G3 512GB microSD

be quiet! Dark Perk Mice

be quiet! Dark Perk Mice

XbotGo Chamaleon

XbotGo Chamaleon

Main menu

  • Home
  • News
  • Reviews
  • Essays
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed