Nikola Corporation, a leader in zero-emissions transportation, announced on February 9, 2024, that its Board of Directors has rejected a slate of five director nominees proposed by M&M Residual, LLC, an entity controlled by the company's former Executive Chairman, Trevor Milton. The nominees were intended for election at Nikola's 2024 Annual Meeting of Stockholders. The Board stated that the nominees, Cole Cannon, Derek Johnson, Hans Peterson, Paul Southam, and Dave Sparks, lack public company experience, skills, and the depth of experience that the current board members possess. Nikola's Board believes the nominees do not have the expertise required for the zero-emissions trucking and energy infrastructure business. Trevor Milton, who has been separated from the company since September...Show More

Nikola Corporation, a leader in zero-emissions transportation, announced on February 9, 2024, that its Board of Directors has rejected a slate of five director nominees proposed by M&M Residual, LLC, an entity controlled by the company's former Executive Chairman, Trevor Milton. The nominees were intended for election at Nikola's 2024 Annual Meeting of Stockholders. The Board stated that the nominees, Cole Cannon, Derek Johnson, Hans Peterson, Paul Southam, and Dave Sparks, lack public company experience, skills, and the depth of experience that the current board members possess. Nikola's Board believes the nominees do not have the expertise required for the zero-emissions trucking and energy infrastructure business. Trevor Milton, who has been separated from the company since September 2020, was criminally convicted of securities and wire fraud related to the company and sentenced to 48 months in prison. Nikola is actively seeking to recover $165 million plus interest from Milton, awarded to the company in an arbitration and including a $125 million SEC settlement. The current Board of Directors, which includes Nikola President and CEO Steve Girsky and other industry experts, is endorsed by the company for their diverse expertise and experience. Nikola will disclose its director nominees in a proxy statement to be filed with the SEC, and stockholders are not required to take any action at this time.