The Arizona startup developing futuristic semi-trucks powered by hydrogen fuel cells and batteries is listing shares in an unusual merger with former GM Vice Chairman Steve Girsky's publicly traded acquisition firm
Nikola, Anheuser-Busch
Upon completion of the merger, VectoIQ’s Nasdaq ticker of VTIQ will change to NKLA, the companies said. Proceeds from the transaction are to be used mainly to fund Nikola’s operations and growth and come through a combination of VectoIQ’s cash in trust and a $525 million private placement of common stock at $10 per share, a move led by Fidelity, ValueAct Spring Fund and P. Schoenfeld Asset Management. Completion of the merger should happen in the second quarter, the companies said.
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