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Nikola Founder Trevor Milton Blocks Company Share Sale

  • Startup adjourns meeting to seek additional investor support
  • Proposal would give Nikola a way to raise more funds if needed
Trevor Milton, center, exits federal court in New York in July 2021. 
Trevor Milton, center, exits federal court in New York in July 2021. Photographer: Angus Mordant/Bloomberg
From

Nikola Corp.’s founder and former chair Trevor Milton voted against a proposal by the clean-energy trucking startup that would have authorized new shares to potentially raise capital, throwing the outcome into doubt, according to people familiar with the matter.

Milton’s vote led to the decision announced late Wednesday to immediately adjourn Nikola’s annual shareholder meeting to June 30 so the company could work on soliciting more proxies in favor of the proposal, the people said, asking not to be identified discussing private information.