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

M&M Residual, LLC (“M&M Residual”) and Trevor R. Milton (collectively “we” or “us”) today announced that M&M Residual has withdrawn its previously delivered nomination of five candidates (the “Nomination”) for election to the Board of Directors (the “Board”) of Nikola Corporation (Nasdaq: NKLA) (“Nikola” or the “Company”) at its upcoming 2024 Annual Meeting of Stockholders (the “Annual Meeting”). M&M Residual delivered the Nomination because it believed it was critical to bring much-needed change to the Company through a reconstitution of the Board. We continue to believe that Nikola’s employees are incredible and deserve honest, capable and visionary leadership. We felt that the Nomination was the best chance to give the Company the ability to thrive and prosper.

Unfortunately, instead of letting its stockholders decide and voice their opinions on the direction of the Company at the Annual Meeting, the Company initiated litigation against us and two of the nominees (the “Arizona Lawsuit”). Further, we have recently learned of highly concerning information regarding potentially fraudulent conduct of Nikola’s management and certain directors, which leads us to question the merits of the full Board. We have ultimately concluded that it has become too risky to step in and expose our remaining nominees to the Company.

For approximately four years now, the Board led by Steve Girsky has overseen a staggering and consistent decline in value, operational underperformance, product liability concerns, trucks burning down, the breakdown of the Iveco Group-Nikola partnership, value destructive acquisitions, the loss of meaningful European market share, withholding information from stockholders, and the sale of key assets, all while taking on debt and unnecessary litigation. These actions have resulted in the destruction of nearly 100% of stockholder value. While the Company has been content to allege that Mr. Milton is the cause of the Company’s misfortunes, we believe the documents and facts will prove otherwise. We reserve all rights concerning recently uncovered information and intend to hold the Company’s Board, officers, and directors accountable.