USA – Battery-powered and fuel cell heavy-duty truck builder, Nikola Corporation of Phoenix, Arizona, has announced plans to join together with a publicly-traded special purpose acquisition company, VectoIQ Acquisition Corporation (NASDAQ: VTIQ), to create a company focused on the development of next generation smart transportation. In March, the two companies announced they had entered into a definitive agreement to undertake this transaction. The companies statement said: ‘Upon the closing of the transaction, the combined company will be named Nikola Corporation and is expected to remain NASDAQ-listed under the new ticker symbol “NKLA.”’ 

The pro forma enterprise value of the merger is stated as approximately USD3.3bn. Nikola Corporation says it plans to use proceeds to accelerate its portfolio of battery-electric (BEV) and hydrogen fuel-cell electric vehicles (FCEV) targeting zero emissions globally. It states it has more than 14,000 pre-orders representing more than USD10bn in potential revenue and two-and-a-half years of production.