NKLA - Nikola rallies after stockholders approve issuance of more shares

Nikola Corporation ( NASDAQ: NKLA ) announced that stockholders have voted to approve Proposal 2 at the company's annual meeting.

The proposal will allow Nikola to increase the number of authorized shares to 800M from 600M. The measure had been opposed by ex-CEO Trevor Milton, who is facing fraud charges.

The shareholder meeting was adjourned several times since June 1 to allow more time to vote.

Looking ahead, CEO Mark Russell said the company is excited about the strong momentum it has generated heading into a critical period as it moves forward on the production and delivery of battery-electric and hydrogen fuel cell trucks and the energy infrastructure to support them.

Shares of Nikola ( NKLA ) moved up 3.30% premarket to $7.19.

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