Nikola Corporation has today announced a $3.3bn merger with publicly traded special purpose acquisition company VectolQ Acquisition Corp. that will allow the company to become the first publicly-traded hydrogen fuel cell and battery-electric heavy-duty truck manufacturer.
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.
The transaction is being funded through a combination of VectolQ’s cash in trust and a $525m private placement of common stock at $10 a share.
Nikola said 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.
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