SAN FRANCISCO (Reuters) – Electric truck maker Nikola Corp said on Thursday it had garnered enough support for a proposal to increase the number of shares it can issue, opening the doors to much-needed capital.
The company had to adjourn its shareholder meeting twice because it lacked enough votes, even as it urged shareholders for months to vote in favor of so-called Proposal 2, saying its ability to continue as a going concern would be “out of reach” without the additional shares.
“This positive outcome, particularly with respect to Proposal 2, was critical for continued growth and success as we move forward with our strategic priorities,” CEO Michael Lohscheller said in a statement.
(Reporting by Abhirup Roy in San Francisco. Editing by Gerry Doyle)
