Nikola : Joint Statement From Nikola Corporation and EMBR Motors, Inc.
May 02, 2024 at 05:35 am EDT
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Joint Statement From Nikola Corporation and EMBR Motors, Inc.
Published April 30, 2024
Nikola Corporation (NKLA), EMBR Motors, Inc., Cole Cannon and David "Dave" Sparks are pleased to announce that they have amicably resolved the claims and disputes between them in the lawsuit pending in the U.S. District Court for the District of Arizona, styled Nikola Corp. v. EMBR Motors, Inc. et al., No. 2:24-cv-00690-DWL. The lawsuit's claims against EMBR Motors, Inc. and Messrs. Cannon and Sparks - which claims they deny - are being dismissed with prejudice and without any finding of liability or fault against them.
After reviewing the plans of Nikola's current management and Board of Directors, Cole Cannon, David "Dave" Sparks, Paul Southam and Hans Peterson, four of the five individuals who had previously been nominated by M&M Residual, LLC to run as director nominees, decided to stand down and no longer seek election to the Board of Directors at Nikola's 2024 Annual Meeting. M&M Residual, the nominating stockholder of the insurgent slate, withdrew its nomination of these individuals and has withdrawn its slate in its entirety. Cannon, Sparks, Southam and Peterson now support Nikola's current Board of Directors and their direction for the Company. Furthermore, EMBR is not engaged in any business with Milton or M&M Residual.
A spokesperson for Nikola commented: "We appreciate the chance to work with the four former candidates and get their input. We always value creative ideas and are happy to speak to shareholders who care about the Company and its future. We wish EMBR and their owners the best, especially with respect to our shared goals of an electrified vehicle future."
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30 April 2024 and is solely responsible for the information contained therein. Distributed by
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Nikola Corporation is an integrated truck and energy company. The Company provides zero-emissions transportation and energy supply and infrastructure solutions. It operates in two business units: Truck and Energy. The Truck business unit is commercializing fuel cell electric vehicles (FCEV) and battery electric vehicles (BEV) Class 8 trucks that provide or are intended to provide environmentally friendly solutions to the trucking sector. The Energy business unit is developing hydrogen fueling infrastructure to support its FCEV trucks. It offers integrated FCEV solutions including the truck, fueling solutions and maintenance. It offers both BEV (for short and medium-haul, city, regional, and drayage deliveries) and FCEV (for medium and long-haul) solutions. HYLA, the Company's global brand, includes its energy products for procuring, distributing, and dispensing hydrogen to fuel its trucks. Its products include Nikola's Class 8 BEV - Nikola Tre and Nikola's Class 8 FCEV - Nikola Tre.