Nikola Overcomes Founder’s Opposition to Approve New Shares

Nikola Corp. shareholders approved a measure to issue new shares to potentially raise capital, a move that founder and former chair Trevor Milton had opposed.

The clean-energy trucking startup will be able to expand its authorized outstanding share count to 800 million from 600 million after a majority voted in favor of the proposal, the clean-energy trucking startup said Tuesday in a statement. Nikola had postponed the vote for two months to wrangle the majority of outstanding shares it needed to win, pressing its case with retail investors who may not normally pay much attention to proxy votes.