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VectoIQ (VTIQ) Shareholders Officially Approve Combination


VectoIQ (VTIQ) Shareholders Officially Approve Combination

VectoIQ Acqusition Corp. (VTIQ), which closed today at $31.37, announced this afternoon that shareholders have approved their combination with Nikola Motors. Unsurprisingly, only 1,874 shareholders voted against the combination.  Although, you have to wonder why those shareholders voted “no” with a share price already trading in the thirties.

Nonetheless, VectoIQ did not provide any redemption information in today’s 8-K, so we’ll have to wait a few days for that, but it is a reasonable assumption that redemptions will be minimal due to the difference in redemption value versus share price. I.e., why would you redeem when you can sell your shares in the market at three times the value of the redemption price?  However, if there were any redemptions, we’ve seen this happen before. It doesn’t make sense, but it happens.  And if it does happen, investors are leaving money on the table.

The Company and Nikola expect the Business Combination to close on June 3, 2020. On June 4, 2020, the combined company’s Common Stock and Warrants are expected to commence trading on the Nasdaq Global Select Market under the new ticker symbols “NKLA” and “NKLAW,” respectively.

You can view the vote results HERE.


  • Cowen served as sole financial advisor and lead capital markets advisor.
  • Greenberg Traurig, LLP served as legal advisor to VectoIQ.
  • Deutsche Bank Securities Inc. served as an additional capital markets advisor to VectoIQ.
  • Morgan Stanley served as financial advisor.
  • Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to Nikola.