NKLA - Nikola adjourns shareholder meeting again with stock issuance plan needing more votes

Nikola Corporation ( NASDAQ: NKLA ) pushed back its shareholder meeting for the third time since June so that shareholders will have more time to vote on a proposal to raise the number of outstanding shares to 800M from 600M.

The shareholder meeting has been adjourned to August 2.

Nikola ( NKLA ) stockholders have voted overwhelmingly in favor of Proposal 2 so far, with more than 208M shares having been voted in favor. The electric vehicle maker is less than 0.5% short of the outstanding shares needed to be voted in favor for Proposal 2 to pass, which equates to less than 1.6M shares needed. Approximately 105M shares have not yet been voted on the proposal. Embattled former CEO Trevor Milton is reported to have voted his 20% block against the proposal.

CEO statement: We are getting closer to securing the number of votes needed to approve Proposal 2, with less than 1.6 million shares still needed. We urge all stockholders – regardless of the number of shares you own – to vote today and play a role in supporting Nikola's business objectives and advancing our vision of a zero-emissions future."

Shares of Nikola ( NKLA ) rose 1.79% premarket on Tuesday to $5.70 vs. the 52-week trading range of $4.43 to $15.56.

NKLA was listed on Seeking Alpha's Catalyst Watch this week.

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