Nikola can now move ahead with its proposal to double its outstanding shares to 1.6 billion from 800 million. Issuing new shares to raise funds is critical for its pivot to producing hydrogen fuel cell trucks and building out HYLA, its hydrogen production and distribution network.
The company’s stock price has rallied as it has made headway in recent weeks. Nikola’s share closed at $3.40 on Thursday, a 534 percent increase since closing at a one-year low of 54 cents