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Nikola To Go Public Through $3.3B Merger

 |  March 3, 2020

Nikola Corporation announced Tuesday, March 3, a US$3.3 billion merger with publicly traded special purpose acquisition company VectolQ Acquisition that will allow the company to become the first publicly-traded hydrogen fuel cell and battery-electric heavy-duty truck manufacturer.

According to Forbes, the combined company will be named Nikola Corporation and the VectoIQ stock symbol VTIQ is expected to be changed to NKLA on Nasdaq after completion of the merger.

Nikola stated the transaction proceeds will accelerate production, allow the company to break ground on its state-of-the-art manufacturing facility in Coolidge, Arizona, and begin its hydrogen station infrastructure roll out.

The US company expects to generate revenue by 2021 with the roll out of its battery electric vehicle truck, followed by fuel cell electric vehicle truck sales starting in 2023 and the initial build out of hydrogen fuelling stations to serve Nikola customers’ fleets, such as Anheuser-Busch.

Trevor Milton, founder and CEO of Nikola, said, “We are on a roll. You couldn’t ask for better news for the energy and tech industry.”

“The world is transitioning to zero emission platforms and Nikola is the leader for heavy duty vehicles.”

“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. We couldn’t be happier to have Steve Girsky join our board.”

Full Content: Forbes

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