Nikola Rejects Former Founder Milton's Board Nominees

(RTTNews) - Nikola Corp. (NKLA), an integrated truck and energy company, Friday announced that it has rejected the five nominations proposed by the former Founder and Executive Chair Trevor Milton's company, M&M Residual, LLC, for the election as directors, citing lack of experience in public company as well in zero-emissions trucking and energy infrastructure business.

The company said that it received a notice last month from Milton's entity, suggesting the names of Cole Cannon, Derek Johnson, Hans Peterson, Paul Southam and Dave Sparks for election as directors at Nikola's 2024 annual meeting of shareholders.

The company also informed that it had severed ties with Milton since September 2020 due to the former founder's involvement in securities fraud and wire fraud.

In the pre-market activity, Nikola's stock is trading at $0.71, up 0.57 percent on the Nasdaq.