3/3, 6:04 PM (Source: TeleTrader)
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Nikola Corp plans to go public at $3.3B valuation

United States electric vehicle manufacturer Nikola Corp. announced on Tuesday it plans to go public by listing its shares on the Nasdaq, after the reverse merger has been completed with VectoIQ Acquisition Corp. It expects to be listed under the new ticker symbol "NKLA."

The combined company will be named Nikola Corp. and will be valued at $3.3 billion. The financing will come from a combination of VectoIQ’s cash in trust and $525 million private placement of common stock at $10 per share, the company stated. In addition, Nikola said it will place Stephen Girsky, VectoIQ CEO and former vice-chairman of General Motors Corp., to the company’s board of directors.

"We are on a roll. You couldn’t ask for better news for the energy and tech industry," said Trevor Milton, founder and CEO of Nikola. He also added: "We believe we have a differentiated business model built on economics, not government subsidies. We now need to double down and speed up the timelines and get to market."

Breaking the News / BJ