Concerned Stockholders of Nikola Corp. Withdraws nomination and Proxy Solicitation Plan at Nikola Corporation (NKLA)

Key Summary: On February 20, 2024, M&M Residual, LLC, along with other shareholders ("The Concerned Stockholder Group"), nominated five independent directors, aiming to address leadership concerns amid stock decline. On April 11, 2024, M&M withdrew its director nominations and ceased proxy solicitation.

Market Cap: $816 million | Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions.  

On February 20, 2024, M&M Residual, LLC, together with other shareholders, ("The Concerned Stockholder Group" owning 4.5% ), nominated five independent directors to the Board, citing concerns over the CEO and Board's leadership amid significant stock decline and operational underperformance. The Concerned Stockholder Group aimed to implement a turnaround strategy focusing on corporate governance, operational improvement, debt reduction, and capital optimization to restore Nikola's value and reputation in the energy and transportation sector. Source

On April 5, 2024, M&M notified the Company that it was withdrawing its nomination of Cole Cannon and Paul Southam.

On April 11, 2024, M&M notified the Company that it was withdrawing its nomination of the remaining three candidates, and that it no longer intends to solicit proxies with respect to its nominees.