August 16, 2022

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Nikola founder Trevor Milton votes against issuing new shares – Bloomberg News

Trevor Milton, founder and former-CEO of Nikola Corp., exits the Manhattan Federal Courthouse following an appearance in New York City, U.S., July 29, 2021. REUTERS/Eduardo Munoz

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June 2 (Reuters) – Nikola Corp’s (NKLA.O) founder Trevor Milton voted against the electric vehicle company’s proposal to issue new shares at the company’s annual general meeting, a Bloomberg News report on Thursday, citing sources.

Milton’s vote, which threw the outcome into doubt, led to the decision to immediately adjourn the meeting, in order to allow the company time to solicit more proxies in favor of the proposal, the report said.

The electric-truck maker said in a filing it adjourned the meeting to June 30 to solicit proxies to move ahead with the proposal to increase the company’s common stock to 800,000 from 600,000. (https://bit.ly/3t9tYpS)

Nikola declined to comment on the matter and Milton’s attorney did not immediately respond to a Reuters request for comment.

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Reporting by Akash Sriram in Bengaluru; Editing by Amy Caren Daniel and Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.