Concerned Stockholders of Nikola Corp. Introduce Slate of Independent Director Candidates for Election to the Company’s Board at the 2024 Annual Meeting
Contends the Case for Significant Change in the Boardroom is Clear Following Years of Poor Corporate Governance, Operational Underperformance, Stock Dilution and Considerable Financial Losses
Highlights the Destruction of Nearly 100% of
Notes That Group’s Five Highly Qualified and Independent Director Candidates Possess Experience in Strategic Planning, Executive Leadership , Operations, Manufacturing and the Electric Vehicle Industry
“Our five-member slate of highly qualified and independent candidates is excited about the opportunity to help fix Nikola’s addressable issues and put the Company back on the path to value creation. Since taking over as Chair in 2020, CEO
For approximately four years now, the Board has overseen operational underperformance, value destructive acquisitions, the breakdown of the Iveco Group-Nikola partnership, the loss of meaningful European market share and the sale of key assets while taking on debt. These actions (among other concerning missteps surrounding safety and disclosures) have resulted in the destruction of nearly 100% of stockholder value.2 Concerningly, the Board also diluted
In our view, such disastrous returns reflect these individuals’ inability to lead the Company. In fact, our Group has been approached by numerous stockholders who want to see CEO
In stark contrast to the current Board, our independent slate includes proven founders and executives who collectively possess the operational, supply chain and electric vehicle experience that we believe will be required to initiate a value-enhancing turnaround at
The Concerned Stockholder Group’s highly qualified and independent slate of director candidates include:
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Founder of
EMBR Motors Inc. , a vehicle manufacturing start-up steeped in EV technology that recently acquired all the Badger, Powersport and WAV programs fromNikola Corp. -
Owner and attorney at
Cannon Law Group, PLLC , a law firm he founded in 2008 specializing in business, mergers & acquisitions, real estate and personal planning services. -
Currently serves on the
University of Utah National Honors Advisory Board of Directors and in leadership positions for several real estate development companies inArizona , as well as the co-owner and manager ofAction Opportunity Fund , a qualified opportunity fund that focuses on improving opportunity zones areas inArizona andUtah .
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Founder of
Cowboy Up, LLC , a business consulting company focused on developing comprehensive business strategies and achieving profitability improvements, as well as operational and financial efficiencies for clients. -
Previously served as a Route Manager at
Western Wyoming Beverages, Inc. , a supplier and distributor of alcoholic and soft beverages. -
Holds a B.S. in Business Management, Logistics, Materials and
Supply Chain Management fromBrigham Young University –Idaho and a M.B.A in Logistics, Materials andSupply Chain Management from theMarriott School of Business atBrigham Young University .
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Serves as the Vice President of Marketing and Relations at
Sparks Motors, LLC , a builder and seller of custom high-performance vehicles. -
Previously served in positions of increasing seniority at
Sparks Motors, LLC , including Shop Manager and Social Media Manager, since 2015. - Currently owns and operates Hans on Management, a real estate management and rental company.
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Co-Founder and Chairman of the Board of Directors of
Figure Financial, Inc. , a privately held tax strategy company. -
Currently serves as Co-Founder and Chairman of the Board of Directors of
Clear Home, Inc. (f/k/aClear Satellite, Inc. ), a privately held home service sales and installation company. -
Previously served as Chief Executive Officer of
Clear Home, Inc. for over twenty years.
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Founder and Chief Executive Officer of
Sparks Motors, LLC , a builder and seller of custom high-performance vehicles. -
Founder of
EMBR Motors Inc. , a vehicle manufacturing start-up steeped in EV technology that recently acquired all the Badger, Powersport and WAV programs fromNikola Corp. -
Previously served as Co-Founder and Chief Executive Officer of
DieselSellerz.com, LLC , an online classified listings company for buying and selling vehicles. - An expert in social media and influencing with millions of followers who closely follow his ventures.
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CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
THE CONCERNED STOCKHOLDERS STRONGLY ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR.
The participants in the proxy solicitation are anticipated to be M&M Residual,
As of the date hereof, M&M Residual directly owns 51,047,726 shares of common stock, par value
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1 Source: Bloomberg.
2 Total stockholder returns (“TSR”) since CEO
3 Details regarding Proposal Two: Amendment to Our Restated Certificate to Increase the Authorized Number of Shares of Common Stock included in the Company’s preliminary 2023 Proxy Statement filed
4
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