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Tag: Romeo Power Inc

  • Nikola’s earnings tops expectancies on supply of 48 electrical vans

    Nikola Motor Corporate

    Supply: Nikola Motor Corporate

    Nikola on Thursday reported earnings for the second one quarter that beat Wall Boulevard expectancies because it delivered 48 of its electrical heavy vans. The corporate additionally reported a smaller-than-expected loss for the length.

    Here is what the corporate reported when put next with what Wall Boulevard used to be anticipating, in keeping with a survey of analysts through Refinitiv:

    Earnings: $18.1 million, vs. $16.5 million anticipated.Adjusted loss consistent with percentage: 25 cents, as opposed to vs. 27 cent per-share loss anticipated.

    Nikola constructed 50 vans all the way through the second one quarter, 48 of which have been brought to its sellers sooner than quarter-end. All 50 of the ones vans have been battery-electric variations of its Tre semi. That used to be fairly underneath Nikola’s personal forecast, which had referred to as for between 50 and 60 deliveries within the length.

    “The principle explanation why for our deliveries coming in on the low finish of our steerage vary used to be led to through two weeks of manufacturing losses in Q2 associated with battery pack supply delays from Romeo Energy,” Leader Monetary Officer Kim Brady stated all the way through Nikola’s income name.

    Nikola introduced an settlement to procure Romeo Energy on Monday.

    The corporate is within the means of ramping up manufacturing at its Arizona manufacturing unit, and stated it expects to be development vans at a fee of 5 consistent with shift through November.

    Nikola showed its previous steerage for 2022. It nonetheless expects to ship between 300 and 500 of its battery-electric Tre vans through year-end, and to finish trying out of prototypes of its upcoming hydrogen fuel-cell truck with two fleet purchasers together with Anheuser-Busch.

    Nikola’s stocks rose sharply after the inside track used to be launched. The inventory ended the day at $7.90, up about 6.3%.

    Nikola nonetheless has considerable money available. As of June 30, it had $529 million in money and an extra $313 million closing on its present fairness line of credit score, for overall liquidity of $842 million. That used to be up from $794 million in overall liquidity as of the tip of the primary quarter.

    One by one, Nikola introduced that it has selected places for 3 hydrogen refueling stations in California, together with one on the Port of Lengthy Seaside. The stations, that are anticipated to open in past due 2023, can be utilized by Nikola’s upcoming fuel-cell-powered vans.

    Nikola has had a hectic week. After saying its acquisition of Romeo Energy for $144 million in inventory, the corporate on Tuesday gained shareholder approval to factor new inventory. Nikola had spent two months operating to get sufficient votes to triumph over an objection through its disgraced founder, Trevor Milton.

    Milton left Nikola in September 2020 amid allegations of fraud, however he stays the corporate’s biggest shareholder with keep watch over over kind of 20% of its inventory.

    This can be a creating tale. Please test again for updates.

  • Nikola shareholders approve measure to factor new inventory over ex-CEO Trevor Milton’s objection

    Nikola Motor Corporate

    Supply: Nikola Motor Corporate

    Electrical truck maker Nikola has in any case received shareholder approval to factor new inventory, the corporate stated on Tuesday. Nikola has been making an attempt for 2 months to win sufficient votes to conquer the objection of its since-departed founder, who up to now voted his 20% hobby in Nikola towards the proposal.

    The corporate stated it could possibly now building up its general stocks exceptional from 600 million to 800 million, giving it flexibility to lift money by means of issuing new finances as wanted. Greater than 66% of the full votes forged, or greater than 211 million stocks, had been in desire of the proposal, Nikola stated in a commentary.

    The measure required approval by means of house owners of no less than 50% of the corporate’s exceptional stocks to move.

    The corporate’s June 1 annual shareholders’ assembly used to be adjourned after Nikola’s founder and previous CEO and chairman, Trevor Milton, voted towards the proposal. The assembly in brief resumed on June 30, and once more on July 18, simplest to be adjourned once more on each events as the full votes in desire fell in need of the wanted threshold.

    Milton, who based Nikola in 2014, left the corporate in September 2020 following allegations of fraud. He stays the corporate’s biggest shareholder. Milton owns about 11% of Nikola’s inventory outright and controls any other 9% by means of an funding automobile that he co-owns, giving him efficient keep watch over of about 90 million stocks of Nikola’s inventory.

    Milton used to be indicted by means of a federal grand jury on 4 counts of fraud associated with representations he made to doable Nikola buyers. His trial is scheduled to start in September. Milton has denied the allegations.

    Nikola stated on Monday that it has agreed to procure battery-pack provider Romeo Energy in a $144 million all-stock transaction that may not require it to factor new stocks. The truck maker is predicted to record its second-quarter effects — and its plans for the extra stocks — earlier than the U.S. markets open on Thursday.

  • Nikola to procure battery pack provider Romeo Energy in $144 million deal

    Nikola Motor Corporate Two truck

    Supply: Nikola Motor Corporate

    Electrical heavy truck maker Nikola mentioned Monday that it struck a $144 million deal to procure battery pack provider Romeo Energy, giving the corporate keep an eye on over a key a part of its provide chain.

    The all-stock transaction values Romeo at 74 cents according to proportion, a 34% top rate to Romeo’s last value Friday. Romeo’s stocks had been up about 23% to 68 cents in premarket buying and selling after the scoop used to be launched.

    As a part of the deal, Nikola will supply Romeo with $35 million in meantime investment to proceed its operations till the transaction closes, the corporations mentioned. Nikola mentioned it believes the purchase may reserve it as much as $350 million over the following 4 years.

    California-based Romeo makes a speciality of development battery modules and packs for massive electrical industrial automobiles, the use of lithium-ion battery cells manufactured by means of different corporations. Nikola, which started transport its electrical semi-trucks previous this 12 months and expects to send between 300 and 500 vans in 2022, has been Romeo’s greatest buyer.

    Nikola CEO Mark Russell mentioned the deal will let the corporate boost up the advance of its electrification platform.

    “Given our sturdy dating with Romeo and ongoing collaboration, we’re assured in our skill to effectively combine and ship the numerous anticipated strategic and monetary advantages of this acquisition,” he mentioned.

    The deal is a lifeline for Romeo, which like Nikola is one of the corporations within the EV area to have long gone public by way of mergers with particular goal acquisition corporations. Romeo went public by way of a SPAC merger in overdue 2020, in a deal that valued the blended corporate at $900 million.

    However Romeo had simply $66.8 million in money and equivalents ultimate as of the top of the primary quarter, after racking up greater than $250 million in losses. With its stocks buying and selling under $1 in contemporary weeks, and with rates of interest emerging, Romeo can have been operating out of choices to stick afloat.

    Nikola has been running to win shareholder approval of a measure to extend its general choice of stocks exceptional, a measure that has been blocked by means of its former CEO, Trevor Milton, who used to be ousted following allegations that he misrepresented main points of Nikola’s era and order e-book to traders. Nikola plans to reconvene its shareholder assembly on Tuesday afternoon to announce the present vote totals.

    In a regulatory submitting Monday morning, Nikola mentioned it has sufficient unissued inventory to finish the purchase of Romeo, even though the proposal to extend its stocks exceptional fails to cross.