Nikola is pleading with investors to approve a plan to raise cash with a massive share sale less than a week ahead of its annual meeting.
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 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. Nikola settled with the Securities and Exchange Commission over the matter last year, agreeing to pay ato put the matter behind it, and streamlined operations under CEO Mark Russell.
Milton voted against the share count increase on June 1, at Nikola’s initial annual meeting, leading the company to adjourn the proceedings until next week.
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