M&M Residual and Trevor R. Milton Announce Concerns Related to Potential Fraud and Misconduct at Nikola Overseen by Steve Girsky, Britton Worthen and the Board of Directors - Seite 3

As a fellow stockholder of the Company, we share your frustration with the Company’s performance, lack of accountability and apparently misleading disclosures. To us, and we believe many in the public, the Board’s pattern is clear: destroy stockholder value, blame Mr. Milton for the incompetence of the Board, sell off promising assets, hide information from stockholders, take no responsibility and then initiate litigation against anyone willing to expose the truth. During his tenure, Mr. Girsky has overseen the monumental destruction of Nikola from approximately $34.19 a share when Mr. Milton stepped down to a dismal $0.98 that may force the stock to be delisted soon.⁴

We believe the Company initiated the Arizona Lawsuit to intimidate our nominees and thwart the lawful exercise of stockholder rights. We have therefore decided to withdraw the Nomination and pursue alternative methods to hold the directors and officers of the Company accountable, including through the initiation of independent litigation. For these reasons, we have withdrawn the Nomination and no longer intend to solicit Nikola stockholders with respect to the Annual Meeting, and our previous group has been dissolved.

To all the Nikola employees and stockholders, we are sorry we were not able to bring the change you deserve through the Nomination, but we believe that the truth will soon be exposed, vindicating our belief that Mr. Milton was ultimately the scapegoat of the Board’s actions. One day we hope you have the leadership you all deserve.

¹ See https://electrek.co/2023/07/06/nikola-truck-fire-no-evidence-arson/
² See https://www.thedrive.com/news/nikola-recalls-electric-trucks-because-f ...
³ See https://news.bloomberglaw.com/litigation/truck-maker-nikola-sued-by-in ...
⁴ FactSet. Based on a closing price of $34.19 on September 18, 2020 (the last business day prior to Mr. Milton stepping down) and a closing price of $0.98 on April 10, 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240411044083/en/

The Nikola Corporation Stock at the time of publication of the news with a fall of -11,80 % to 0,863EUR on Nasdaq stock exchange (11. April 2024, 17:19 Uhr).