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Nikola Chairman Addresses Stockholder Questions on Reverse Split Proposal in Definitive Proxy Statement

Continued focus on regaining Nasdaq compliance and resetting operational and financial foundations to achieve the next level of financial stability while advancing business initiatives

PHOENIX – April 30, 2024 — In a recent social media post, Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, invited NKLA stockholders to submit questions related to the Proxy Statement filed earlier in the month. Steven Shindler, Chairman of the Board at Nikola, recorded a video addressing key questions about Proposal 2, which includes a reverse stock split.

The video addresses one of the five proposals to be voted on at the June 5, 2024, Annual Stockholder Meeting. The full video and transcript of the interview can be accessed here.

In the video, Shindler elaborated on the rationale behind Proposal 2 — the recommendation of a reverse split:

“We must eliminate the distraction of delisting and position ourselves to raise capital more efficiently and effectively. We believe that if we can achieve a share price at a more consistent level with the Russell 3000 companies, it will encourage investor interest and improve the marketability of our common stock to an even broader range of investors.”

Among the questions addressed by Shindler were:

  • What is a reverse split and how does it impact NKLA stockholders and the company?
  • Why is a reverse split being proposed now?
  • What are the advantages of a reverse split?

Proposal 2 is up for a vote of stockholders following extensive analysis and consultations with financial advisors to explore options for regaining compliance with Nasdaq listing rules and the need to secure future capital to sustain the company’s business.

NKLA stockholders are encouraged to VOTE IN FAVOR of all five proposals, notably for each of the Nikola nominees for the Board of Directors in Proposal 1, and the anticipated positive impact of the reverse stock split in Proposal 2 in addressing potential delisting concerns and resetting the company’s financial foundation.

Nikola invites NKLA stockholders to continue submitting questions, as ongoing communications are planned to provide answers to those most frequently asked.

For other company updates, please join the Nikola Q1 2024 earnings call on Tuesday, May 7.

Every vote matters. Stockholders must ACTIVELY VOTE by 11:59 p.m., Eastern Time, on June 4, 2024, for their vote to count. Stockholders as of the close of business on April 19, 2024, are entitled to vote, even if they no longer own the shares.

Voting is quick and simple:

  • BY PHONE: Call Alliance Advisors, Nikola’s proxy solicitor, toll-free at (855) 935-2562 if in North America. International voters can call +1 (551) 210-9929. You can also contact Alliance Advisors if you have any questions about voting.
  • BY EMAIL: Message Alliance Advisors at [email protected]
  • BY INTERNET: Vote at www.proxyvote.com using your control number by following the instructions shared by your broker, bank or other nominee.
    • If you are a Robinhood holder, proxy voting emails are sent by [email protected] and voting is hosted by Say Technologies. You will be able to vote and view materials directly from your email.

The 2024 Annual Meeting of Stockholders will be held virtually on Wednesday, June 5, 2024, at 1:00 p.m., Pacific Time via live audio webcast. To attend the meeting, register in advance at www.viewproxy.com/nkla/2024 by 11:59 p.m., Pacific Time on June 4, 2024.

Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming transportation and over-the-road freight services. With our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, we are driving the advancement of the complete hydrogen refueling ecosystem. This encompasses supply, distribution, and dispensing, reflecting our commitment to sustainable practices and a cleaner future.

Nikola is based in Phoenix, Ariz. with a manufacturing facility in Coolidge, Ariz.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or X/Twitter @nikolamotor.

This communication contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company” or “Nikola”). Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions that are not historical fact and, as a result, are subject to risks and uncertainties. Forward-looking statements include but are not limited to: the Company’s future financial outlook and future business performance; and the Company’s beliefs regarding the potential benefits of a reverse stock split, including its potential effect on the Company’s stock price, Nasdaq listing, the ability to increase investor interest and facilitate raising future capital and other intended benefits. Risks and uncertainties that may cause actual results to differ include factors generally affecting the business, operations, and financial condition of the Company; the actual effect of any reverse stock split on the Company’s stock price; the ability of the Company to attract additional investors; and the factors, risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as amended, filed with the Securities and Exchange Commission (the “SEC”), in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date of this press release. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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