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Joint Statement From Nikola Corporation and EMBR Motors, Inc.

Nikola Corporation (NKLA), EMBR Motors, Inc., Cole Cannon and David “Dave” Sparks are pleased to announce that they have amicably resolved the claims and disputes between them in the lawsuit pending in the U.S. District Court for the District of Arizona, styled Nikola Corp. v. EMBR Motors, Inc. et al., No. 2:24-cv-00690-DWL.  The lawsuit’s claims against EMBR Motors, Inc. and Messrs. Cannon and Sparks — which claims they deny — are being dismissed with prejudice and without any finding of liability or fault against them. 

After reviewing the plans of Nikola’s current management and Board of Directors, Cole Cannon, David “Dave” Sparks, Paul Southam and Hans Peterson, four of the five individuals who had previously been nominated by M&M Residual, LLC to run as director nominees, decided to stand down and no longer seek election to the Board of Directors at Nikola’s 2024 Annual Meeting.  M&M Residual, the nominating stockholder of the insurgent slate, withdrew its nomination of these individuals and has withdrawn its slate in its entirety.  Cannon, Sparks, Southam and Peterson now support Nikola’s current Board of Directors and their direction for the Company.  Furthermore, EMBR is not engaged in any business with Milton or M&M Residual.

A spokesperson for Nikola commented: “We appreciate the chance to work with the four former candidates and get their input.  We always value creative ideas and are happy to speak to shareholders who care about the Company and its future. We wish EMBR and their owners the best, especially with respect to our shared goals of an electrified vehicle future.”