EV truck maker Nikola is looking to raise more cash through by selling additional stock.
will find out later Thursday whether its shareholders have approved its plan to raise money by selling more stock.
Nikola hopes to raise more capital to help ramp up production of its new fuel-cell-powered electric heavy truck, set to launch later this month. But before it can sell additional stock to raise money, it needs to increase the total number of shares it's authorized to issue to 1.6 billion from 800 million. That move requires shareholder approval.
Nikola first put the plan to its shareholders at its annual meeting in June. While 77% of those who voted were in favor, there weren't enough total shares voted to pass the proposal. Nikola is incorporated in Delaware, and under that state's law, at least half of the total outstanding shares of a company's common stock must be voted in favor for a share-increase proposal to pass.
The company adjourned its annual meeting for a month to try to get more of its shareholders to cast votes. The meeting will resume at 4:00 p.m. ET on Thursday, at which time Nikola will reveal whether the proposal passed – or if it will adjourn again to try to get more shareholders to vote. This isn't the first time that Nikola has had to adjourn a shareholder meeting to drum up more votes for a proposal to sell new stock. Last year's annual meeting was adjourned
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