Delaware (State or Other Jurisdiction of Incorporation or Organization) | 3711 (Primary Standard Industrial Classification Code No.) | 82-4151153 (I.R.S. Employer Identification No.) |
Stanley F. Pierson, Esq. Gabriella A. Lombardi, Esq. Pillsbury Winthrop Shaw Pittman LLP 2550 Hanover Street Palo Alto, CA 94304 Tel: (650) 233-4500 Fax: (650) 233-4545 | Richard D. Truesdell, Jr., Esq. Davis Polk & Wardell LLP 450 Lexington Ave. New York, NY 10017 Tel: (212) 450-4000 Fax: (212) 701-5800 |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ Emerging growth company ☐ |
Title of Each Class of Securities to be Registered | Proposed Maximum Aggregate Offering Price (1) | Amount of Registration Fee (2) | ||
Common Stock, $0.0001 par value per share | $100,000,000 | $10,910 | ||
Title of Each Class of Securities to be Registered | Proposed Maximum Aggregate Offering Price (1) | Amount of Registration Fee (2) (3) | ||
Common Stock, $0.0001 par value per share | $100,000,000 | $10,910 | ||
(1) | Estimated solely for the purpose of computing the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended. |
(2) | Includes the aggregate offering price of additional shares that the underwriters have the option to |
(3) | Previously paid in connection with the initial filing of this Registration Statement. |
Per Share | Total | |||||||||||
Public offering price | $ | $ | ||||||||||
Underwriting discounts and | commissions(1) | $ | $ | |||||||||
Proceeds to us, before expenses | $ | $ |
(1) | We have also agreed to reimburse the underwriters for certain of their expenses. See “Underwriting” beginning on page 144 of this prospectus for more information about these arrangements and for additional disclosure regarding compensation payable to the underwriters. |
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F-1 |
Common stock offered | shares. |
Common stock to be outstanding immediately after this offering | shares of common stock (or shares if the underwriters exercise in full their option to purchase additional shares of common stock from us). |
Option to purchase additional common stock | We have granted the underwriters an option for a period of 30 days from the date of this prospectus to purchase up to additional shares of common stock. |
Use of proceeds | We estimate that the net proceeds to us from this offering, based on an assumed public offering price of $ per share, the last reported sale price of our common stock on The Nasdaq Global Select Market on , 2021, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, will be $ million (or $ million if the underwriters exercise in full their option to purchase additional shares of common stock from us). |
We currently intend to use the net proceeds from this offering for general corporate purposes. See “Use of Proceeds” on page 36 of this prospectus. |
Risk factors | See “Risk Factors” and the other information included in this prospectus for a discussion of factors you should consider carefully before deciding to invest in our common stock. |
The Nasdaq Global Select Market trading symbol | “NKLA.” |
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(in thousands) | ||||||||||||
Statement of Operations Data: | ||||||||||||
Total solar revenue | $ | 95 | $ | 482 | $ | 173 | ||||||
Total costs and expenses | 382,830 | 88,477 | 70,662 | |||||||||
Loss from operations | (382,735 | ) | (87,995 | ) | (70,489 | ) | ||||||
Other income (expense): | ||||||||||||
Interest income (expense), net | 202 | 1,456 | 686 | |||||||||
Revaluation of Series A redeemable convertible preferred stock warrant liability | — | (3,339 | ) | 3,502 | ||||||||
Loss on forward contract liability | (1,324 | ) | — | — | ||||||||
Other income (expense), net | (846 | ) | 1,373 | 6 | ||||||||
Loss from operations before income taxes | (384,703 | ) | (88,505 | ) | (66,295 | ) | ||||||
Income tax expense (benefit) | (1,026 | ) | 151 | (2,002 | ) | |||||||
Equity in net loss of affiliate | (637 | ) | — | — | ||||||||
Net loss | (384,314 | ) | (88,656 | ) | (64,293 | ) | ||||||
Premium paid on repurchase of redeemable convertible preferred stock | (13,407 | ) | (16,816 | ) | (166 | ) | ||||||
Net loss attributable to common stockholders, basic and diluted | $ | (397,721 | ) | $ | (105,472 | ) | $ | (64,459 | ) | |||
As of December 31, | ||||||||
2020 | 2019 | |||||||
(in thousands) | ||||||||
Balance Sheet Data: | ||||||||
Cash and cash equivalents | $ | 840,913 | $ | 85,688 | ||||
Working capital | 844,644 | 74,343 | ||||||
Total assets | 1,053,713 | 229,430 | ||||||
Total liabilities | 66,237 | 33,922 | ||||||
Total stockholders’ equity | 987,476 | 195,508 |
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(in thousands) | ||||||||||||
Statement of Cash Flows Data: | ||||||||||||
Net cash used in operating activities | $ | (150,533 | ) | $ | (80,627 | ) | $ | (54,019 | ) | |||
Net cash used in investing activities | (31,141 | ) | (39,302 | ) | (15,410 | ) | ||||||
Net cash provided by financing activities | 941,120 | 35,805 | 211,732 |
(in thousands, except per share data) | ||||
Summary Unaudited Pro Forma Condensed Combined Statement of Operations Data Year Ended December 31, 2020 | ||||
Revenue | $ | 95 | ||
Net loss per share—basic and diluted | $ | (1.18 | ) | |
Weighted-average shares outstanding—basic and diluted | 371,420,779 |
As of December 31, 2020 | �� | As of December 31, 2020 | ||||||||||||||
Actual | As Adjusted | Actual | As Adjusted | |||||||||||||
Cash and cash equivalents | $ | 840,913 | $ | $ | 840,913 | $ | ||||||||||
Debt: | ||||||||||||||||
Term note—current | $ | 4,100 | $ | $ | 4,100 | $ | ||||||||||
Stockholders’ Equity: | ||||||||||||||||
Preferred stock, $0.0001 par value: 150,000,000 shares authorized, no shares issued and outstanding as of December 31, 2020 | — | — | — | — | ||||||||||||
Common stock, $0.0001 par value: 600,000,000 shares authorized, shares issued and outstanding, actual; and shares on an as adjusted basis | 39 | 39 | ||||||||||||||
Additional paid-in capital | 1,560,820 | 1,560,820 | ||||||||||||||
Accumulated other comprehensive income | 239 | 239 | ||||||||||||||
Accumulated deficit | (573,622 | ) | (573,622 | ) | ||||||||||||
Total stockholders’ equity | 987,476 | 987,476 | ||||||||||||||
Total Capitalization | $ | 991,576 | $ | $ | 991,576 | $ | ||||||||||
Assumed public offering price per share | $ | |||||||
Net tangible book value per share as of December 31, 2020 | $ | 2.38 | ||||||
Increase in as adjusted net tangible book value per share attributable to investors participating in this offering | ||||||||
�� | ||||||||
As adjusted net tangible book value per share after giving effect to this offering | ||||||||
As adjusted dilution per share to investors participating in this offering | $ | |||||||
Period January 1, 2020 through June 3, 2020 | Year Ended December 31, 2020 | Pro Forma Adjustments | Year Ended December 31, 2020 | |||||||||||||||||
VectoIQ Acquisition Corp. (Historical) | ||||||||||||||||||||
Nikola Corporation (Historical) | Pro Forma Combined | |||||||||||||||||||
Revenues | $ | — | $ | 95 | $ | — | $ | 95 | ||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of goods sold | — | 72 | — | 72 | ||||||||||||||||
Operating expenses: | ||||||||||||||||||||
Research and development | — | 185,619 | — | 185,619 | ||||||||||||||||
Selling, general, and administrative | 1,025 | 182,724 | 52,660 | (A | ) | 236,409 | ||||||||||||||
Impairment expense | — | 14,415 | — | 14,415 | ||||||||||||||||
Total costs and expenses | 1,025 | 382,830 | 52,660 | 436,515 | ||||||||||||||||
Loss from operations | (1,025 | ) | (382,735 | ) | (52,660 | ) | (436,420 | ) | ||||||||||||
Other income (expense): | ||||||||||||||||||||
Investment income in Trust account | 782 | — | (782 | ) | (D | ) | — | |||||||||||||
Interest income | — | 202 | — | 202 | ||||||||||||||||
Loss on forward contract liability | — | (1,324 | ) | 1,324 | (E | ) | — | |||||||||||||
Other income, net | — | (846 | ) | — | (846 | ) | ||||||||||||||
Loss before income taxes | (243 | ) | (384,703 | ) | (52,118 | ) | (437,064 | ) | ||||||||||||
Income tax expense (benefit) | 185 | (1,026 | ) | — | (841 | ) | ||||||||||||||
Loss before equity in net loss of affiliate | (428 | ) | (383,677 | ) | (52,118 | ) | (436,223 | ) | ||||||||||||
Equity in net loss of affiliate | — | (637 | ) | — | (637 | ) | ||||||||||||||
Net loss | (428 | ) | (384,314 | ) | (52,118 | ) | (436,860 | ) | ||||||||||||
Premium paid on repurchase of redeemable convertible preferred stock | — | (13,407 | ) | 13,407 | (F | ) | — | |||||||||||||
Net income (loss) attributable to common stockholders | $ | (428 | ) | $ | (397,721 | ) | $ | (38,711 | ) | $ | (436,860 | ) | ||||||||
Weighted average shares outstanding of common stock | 29,640,000 | 371,420,779 | ||||||||||||||||||
Basic and diluted net income (loss) per share | $ | (0.01 | ) | $ | (1.18 | ) |
(A) | Represents pro forma adjustment to selling, general, and administrative expenses to reflect the following: |
Year ended December 31, 2020 | ||||||||
Salary and stock-based compensation expense related to amended and restated employment agreements | $ | 52,710 | (B | ) | ||||
Elimination of VectoIQ’s historical office space and general administrative services | (50 | ) | (C | ) | ||||
$ | 52,660 | (A | ) |
(B) | Effective as of the Closing Date, we entered into individual amended and restated employment agreements with certain executive officers. The executive officers agreed to an annual salary of $1 and were granted: |
(C) | Represents pro forma adjustment to eliminate historical expenses related to VectoIQ’s office space and general administrative services, which terminated upon consummation of the Merger. |
(D) | Represents pro forma adjustment to eliminate investment income related to the investment held in the Trust Account. |
(E) | Reflects the elimination of the loss on the forward contract liability. We settled the liability in April 2020 with the issuance of Series D redeemable convertible preferred stock, which ceased to exist upon the conversion into common stock as part of the Business Combination. |
(F) | Reflects the elimination of the premium paid on repurchase of redeemable convertible preferred stock, which ceased to exist upon the conversion into common stock as part of the Business Combination. |
Year ended December 31, 2020 | ||||
Pro forma net loss (in thousands) | $ | (436,860 | ) | |
Weighted average shares outstanding—basic and diluted | 371,420,779 | |||
Net loss per share—basic and diluted | $ | (1.18 | ) | |
Weighted average shares outstanding—basic and diluted | ||||
VectoIQ Public Stockholders | 22,983,872 | |||
Holders of VectoIQ Founder Shares | 6,640,000 | |||
PIPE Investors | 52,500,000 | |||
Legacy Nikola stockholders (1) | 278,780,606 | |||
Post Business Combination common stock issuances (2) | 10,516,301 | |||
371,420,779 |
(1) | The pro forma shares attributable to Legacy Nikola stockholders is calculated by applying the exchange ratio of 1.901 to the historical Legacy Nikola common stock and preferred stock that was exchanged in the Business Combination. Pro forma shares attributable to Legacy Nikola stockholder was further adjusted for the redemption of 7.0 million shares of common stock from M&M Residual as described elsewhere in this Prospectus. |
(2) | This amount includes weighted averages shares of stock options exercised, restricted stock unit distributions, and warrant redemptions that occurred subsequent to the closing of the Business Combination. |
Years Ended December 31, | ||||||||||||||||
2020 | 2019 | $ Change | % Change | |||||||||||||
( in thousands, except share and per share data) | ||||||||||||||||
Solar revenues | $ | 95 | $ | 482 | $ | (387 | ) | NM | ||||||||
Cost of solar revenues | 72 | 271 | (199 | ) | NM | |||||||||||
Gross profit | 23 | 211 | (188 | ) | NM | |||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 185,619 | 67,514 | 118,105 | 175 | % | |||||||||||
Selling, general, and administrative | 182,724 | 20,692 | 162,032 | 783 | % | |||||||||||
Impairment expense | 14,415 | — | 14,415 | NM | ||||||||||||
Total operating expenses | 382,758 | 88,206 | 294,552 | 334 | % | |||||||||||
Loss from operations | (382,735 | ) | (87,995 | ) | (294,740 | ) | 335 | % | ||||||||
Other income (expense): | ||||||||||||||||
Interest income, net | 202 | 1,456 | (1,254 | ) | (86 | )% | ||||||||||
Revaluation of Series A redeemable convertible preferred stock warrant liability | — | (3,339 | ) | 3,339 | NM | |||||||||||
Loss on forward contract liability | (1,324 | ) | — | (1,324 | ) | NM | ||||||||||
Other income (expense), net | (846 | ) | 1,373 | (2,219 | ) | (162 | )% | |||||||||
Loss before income taxes and equity in net loss of affiliate | (384,703 | ) | (88,505 | ) | (296,198 | ) | 335 | % | ||||||||
Income tax expense (benefit) | (1,026 | ) | 151 | (1,177 | ) | NM | ||||||||||
Loss before equity in net loss of affiliate | (383,677 | ) | (88,656 | ) | (295,021 | ) | 333 | % | ||||||||
Equity in net loss of affiliate | (637 | ) | — | (637 | ) | NM | ||||||||||
Net loss | (384,314 | ) | (88,656 | ) | (295,658 | ) | 333 | % | ||||||||
Premium paid on repurchase of redeemable convertible preferred stock | (13,407 | ) | (16,816 | ) | 3,409 | (20 | )% | |||||||||
Net loss attributable to common stockholders, basic and diluted | $ | (397,721 | ) | $ | (105,472 | ) | $ | (292,249 | ) | 277 | % | |||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (1.19 | ) | $ | (0.40 | ) | $ | (0.79 | ) | 197 | % | |||||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 335,325,271 | 262,528,769 | 72,796,502 | NM | ||||||||||||
Years Ended December 31, | ||||||||||||||||
2019 | 2018 | $ Change | % Change | |||||||||||||
( in thousands, except share and per share data) | ||||||||||||||||
Solar revenues | $ | 482 | $ | 173 | $ | 309 | NM | |||||||||
Cost of solar revenues | 271 | 50 | 221 | NM | ||||||||||||
Gross profit | 211 | 123 | 88 | NM | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 67,514 | 58,374 | 9,140 | 16 | % | |||||||||||
Selling, general, and administrative | 20,692 | 12,238 | 8,454 | 69 | % | |||||||||||
Total operating expenses | 88,206 | 70,612 | 17,594 | 25 | % | |||||||||||
Loss from operations | (87,995 | ) | (70,489 | ) | (17,506 | ) | 25 | % | ||||||||
Other income (expense): | ||||||||||||||||
Interest income, net | 1,456 | 686 | 770 | 112 | % | |||||||||||
Revaluation of Series A redeemable convertible preferred stock warrant liability | (3,339 | ) | 3,502 | (6,841 | ) | NM | ||||||||||
Other income, net | 1,373 | 6 | 1,367 | NM | ||||||||||||
Loss before income taxes and equity in net loss of affiliate | (88,505 | ) | (66,295 | ) | (22,210 | ) | 34 | % | ||||||||
Income tax expense (benefit) | 151 | (2,002 | ) | 2,153 | NM | |||||||||||
Loss before equity in net loss of affiliate | (88,656 | ) | (64,293 | ) | (24,363 | ) | 38 | % | ||||||||
Equity in net loss of affiliate | — | — | — | NM | ||||||||||||
Net loss | (88,656 | ) | (64,293 | ) | (24,363 | ) | 38 | % | ||||||||
Premium paid on repurchase of redeemable convertible preferred stock | (16,816 | ) | (166 | ) | (16,650 | ) | NM | |||||||||
Net loss attributable to common stockholders, basic and diluted | $ | (105,472 | ) | $ | (64,459 | ) | $ | (41,013 | ) | 64 | % | |||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.40 | ) | $ | (0.28 | ) | $ | (0.12 | ) | 43 | % | |||||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 262,528,769 | 226,465,041 | 36,063,728 | NM | ||||||||||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(in thousands) | ||||||||||||
Net loss | $ | (384,314 | ) | $ | (88,656 | ) | $ | (64,293 | ) | |||
Interest (income) expense, net | (202 | ) | (1,456 | ) | (686 | ) | ||||||
Income tax expense (benefit) | (1,026 | ) | 151 | (2,002 | ) | |||||||
Depreciation and amortization | 6,008 | 2,323 | 625 | |||||||||
EBITDA | (379,534 | ) | (87,638 | ) | (66,356 | ) | ||||||
Stock-based compensation | 137,991 | 4,858 | 3,843 | |||||||||
Revaluation of Series A redeemable convertible preferred stock warrant liability | — | 3,339 | (3,502 | ) | ||||||||
Loss on forward contract liability | 1,324 | — | — | |||||||||
Equity in net loss of affiliate | 637 | — | — | |||||||||
Regulatory and legal matters (1) | 24,683 | — | — | |||||||||
Impairment expense | 14,415 | — | — | |||||||||
Adjusted EBITDA | $ | (200,484 | ) | $ | (79,441 | ) | $ | (66,015 | ) | |||
(1) | Regulatory and legal matters include legal, advisory and other professional service fees incurred in connection with the short-seller analyst article from September 2020, and investigations and litigation related thereto. |
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(in thousands, except share and per share data) | ||||||||||||
Net loss attributable to common stockholders | $ | (397,721 | ) | $ | (105,472 | ) | $ | (64,459 | ) | |||
Stock-based compensation | 137,991 | 4,858 | 3,843 | |||||||||
Premium paid on repurchase of redeemable convertible preferred stock | 13,407 | 16,816 | 166 | |||||||||
Regulatory and legal matters (1) | 24,683 | — | — | |||||||||
Impairment expense | 14,415 | — | — | |||||||||
Non-GAAP net loss | $ | (207,225 | ) | $ | (83,798 | ) | $ | (60,450 | ) | |||
Non-GAAP net loss per share, basic and diluted | $ | (0.62 | ) | $ | (0.32 | ) | $ | (0.27 | ) | |||
Weighted average shares outstanding, basic and diluted | 335,325,271 | 262,528,769 | 226,465,041 | |||||||||
(1) | Regulatory and legal matters include legal, advisory and other professional service fees incurred in connection with the short-seller analyst article from September 2020, and investigations and litigation related thereto. |
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(in thousands) | ||||||||||||
Net cash used in operating activities | $ | (150,533 | ) | $ | (80,627 | ) | $ | (54,019 | ) | |||
Net cash used in investing activities | (31,141 | ) | (39,302 | ) | (15,410 | ) | ||||||
Net cash provided by financing activities | 941,120 | 35,805 | 211,732 |
Payments Due By period | ||||||||||||||||||||
Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Contractual obligations: | ||||||||||||||||||||
Finance lease liability | $ | 19,057 | $ | 1,797 | $ | 3,756 | $ | 3,972 | $ | 9,532 | ||||||||||
Purchase obligations | 31,161 | 21,758 | 9,403 | — | — | |||||||||||||||
$ | 50,218 | $ | 23,555 | $ | 13,159 | $ | 3,972 | $ | 9,532 | |||||||||||
Class 8 BEV and $315,000 for a Class 8 FCEV, and for the New York Truck Voucher Incentive Program NYTVIP, as high as $185,000 for a Class 8 BEV. Other states are considering developing similar programs. |
1. | in July 2016, we stated that we owned rights to natural gas wells, and in August 2016 that the wells were used as a backup to solar hydrogen production; |
2. | in August 2016, Mr. Milton and we stated that we had engineered a zero emissions truck; |
3. | in December 2016, Mr. Milton stated that the Nikola One was a fully functioning vehicle; |
4. | that an October 2017 video released by us gave the impression the Nikola One was driven; |
5. | in April 2019, Mr. Milton stated that solar panels on the roof of our headquarters produce approximately 18 megawatts of energy per day; |
6. | in December 2019 and July 2020, Mr. Milton stated that we “can produce” over 1,000 kg of hydrogen at the Company’s demo stations and that we were “down below” $3/kg at that time; |
7. | in July 2020, Mr. Milton stated that “all major components are done in house”; he made similar statements in June 2020; |
8. | in July 2020, Mr. Milton stated that the inverter software was the most advanced in the world and that other OEMs had asked to use it; and |
9. | in July 2020, Mr. Milton stated that five trucks were “coming off the assembly line” in Ulm, Germany. |
Name | Age | Position | ||
Executive Officers | ||||
Mark A. Russell | 58 | President, Chief Executive Officer and Director | ||
Kim J. Brady | 57 | Chief Financial Officer | ||
Joseph R. Pike | 39 | Chief Human Resources Officer | ||
Britton M. Worthen | 47 | Chief Legal Officer and Secretary | ||
Pablo M. Koziner | 48 | President, Energy & Commercial | ||
Non-Employee Directors | ||||
Stephen J. Girsky (3) | 58 | Chairman of the Board | ||
Sooyean Jin (a.k.a. Sophia Jin) (1) | 42 | Director | ||
Michael L. Mansuetti (1) | 55 | Director | ||
Gerrit A. Marx (2) | 45 | Director | ||
Mary L. Petrovich (3) | 58 | Director | ||
Steven M. Shindler (1) | 58 | Director | ||
Bruce L. Smith (2) | 58 | Director | ||
DeWitt C. Thompson, V (2) | 48 | Director | ||
Jeffrey W. Ubben (3) | 59 | Director |
(1) | Member of the audit committee. |
(2) | Member of the compensation committee. |
(3) | Member of the nominating and corporate governance committee. |
Name | Fees earned or paid in cash ($) | Stock awards ($) (1) | All other compensation ($) | Total ($) | ||||||||||||
Stephen J. Girsky | — | 813,154 | — | 813,154 | ||||||||||||
Sooyean (Sophia) Jin | — | 679,400 | — | 679,400 | ||||||||||||
Michael L. Mansuetti | — | 679,400 | — | 679,400 | ||||||||||||
Gerrit A. Marx | — | 713,370 | — | 713,370 | ||||||||||||
Mary L. Petrovich (2) | — | 72,487 | — | 72,487 | ||||||||||||
Steven M. Shindler (3) | — | 134,778 | — | 134,778 | ||||||||||||
Bruce L. Smith (4) | — | 98,920 | — | 98,920 | ||||||||||||
Lonnie R. Stalsberg (5) | — | 679,400 | — | 679,400 | ||||||||||||
DeWitt C. Thompson, V | — | 679,400 | — | 679,400 | ||||||||||||
Jeffrey W. Ubben | — | 713,370 | — | 713,370 |
(1) | Amounts represent the aggregate fair value of the RSUs computed as of the grant date of each award in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or ASC 718, for financial reporting purposes, rather than amounts paid to or realized by the named individual. See the notes to our consolidated financial statements included elsewhere in this prospectus for a discussion of assumptions made in determining the grant date fair value and compensation expense of our stock awards. |
(2) | Ms. Petrovich joined our board of directors in December 2020. |
(3) | Mr. Shindler joined our board of directors in October 2020. |
(4) | Mr. Smith joined our board of directors in October 2020. |
(5) | Mr. Stalsberg ceased to be a director effective September 29, 2020. |
Name | Number of shares | |||
Stephen J. Girsky | 25,665 | |||
Sooyean (Sophia) Jin | 20,000 | |||
Michael L. Mansuetti | 20,000 | |||
Gerrit A. Marx | 21,000 | |||
Mary L. Petrovich | 4,307 | |||
Steven M. Shindler | 6,301 | |||
Bruce L. Smith | 5,324 | |||
Lonnie R. Stalsberg | — | |||
DeWitt C. Thompson, V | 20,000 | |||
Jeffrey W. Ubben | 21,000 |
Name | Age | Position | ||||
Mark A. Russell | 58 | President, Chief Executive Officer and Director | ||||
Kim J. Brady | 57 | Chief Financial Officer | ||||
Pablo M. Koziner | 48 | President, Energy & Commercial | ||||
Britton M. Worthen | 47 | Chief Legal Officer | ||||
Joseph R. Pike | 39 | Chief Human Resources Officer | ||||
Trevor R. Milton | 39 | Former Executive Chairman |
Compensation Element | Principles and Objectives | |
Annual Salary | • Promotes value creation with salaries that are significantly below competitive norms. | |
Equity Awards | • Promotes a foundation of retention and optimizes stockholder alignment. • Denominated as an annual grant value, delivered as restricted stock units, that cliff-vest following the third anniversary of grant. |
Prospective Annual Cash Compensation (1) | Prospective Annual Cash Bonus (2) | Cliff Vesting Period for Annual and Performance Stock Grants | Amount of 2020 Performance Stock Award Earned to Date by Current NEOs | |||
$1 | $0 | 3 YEARS | $0 |
(1) | Salaries were paid by Legacy Nikola to our executive officers in 2020 prior to the Business Combination. See the section entitled “—Summary Compensation Table.” |
(2) | Our Chief Financial Officer was paid a cash bonus in 2020 in connection with Legacy Nikola’s Series D preferred stock financing prior to the Business Combination. See the section entitled “—Summary Compensation Table.” |
2020 Base Salary Realized Before the Business Combination | Percentage of RSUs Granted in 2020 With Performance Conditions | Number of RSUs Granted in 2020 that Vest Prior to 2023 | Number of Shares of 2020 Performance Award that Vest if Performance Targets are not Achieved | Projected Annualized Total Stockholder Return Required for the CEO to Earn the Full Performance Award(1) | ||||
$173,076 | 87% | 0 | 0 | 76.5% |
(1) | Represents the annualized return required to achieve the highest share price milestone of $55 over the three year performance period from the Business Combination stock price of $10. |
Name and Position | Annual Salary ($) (1) | Target Bonus ($) (2) | Target Stock Award ($) (3) | Target Total Pay ($) | ||||||||||||
Mark A. Russell President and Chief Executive Officer | 1 | 0 | 6,000,000 | 6,000,001 | ||||||||||||
Kim J. Brady Chief Financial Officer | 1 | 0 | 3,200,000 | 3,200,001 | ||||||||||||
Pablo M. Koziner President, Energy & Commercial | 1 | 0 | 3,100,000 | 3,100,001 | ||||||||||||
Britton M. Worthen Chief Legal Officer | 1 | 0 | 3,000,000 | 3,000,001 | ||||||||||||
Joseph R. Pike Chief Human Resources Officer | 1 | 0 | 2,000,000 | 2,000,001 | ||||||||||||
Trevor R. Milton Former Executive Chairman | 1 | 0 | 6,000,000 | 6,000,001 |
(1) | Salaries were paid by Legacy Nikola to our executive officers in 2020 prior to the closing of the Business Combination. See the section entitled “—Summary Compensation Table.” |
(2) | Our Chief Financial Officer was paid a cash bonus in 2020 in connection with Legacy Nikola’s Series D preferred stock financing prior to the Business Combination. See the section entitled “—Summary Compensation Table.” |
(3) | Time-based RSUs vest 100% following the third anniversary of grant, subject to continued service through that date. |
Share Price | Nikola Equity Value | Incremental Gains to Stockholders | Gains to Stockholders (%) | Gains to Executive Officers (%) | Aggregate Value of Incentive | Total Performance Shares (#) | ||||||||||||||||||
$10.00 (Price @ Grant) | $ | 4 billion | — | — | — | — | — | |||||||||||||||||
$25.00 | $ | 10 billion | $ | 6 billion | 98.5 | % | 1.5 | % | $ | 90 million | 3,598,000 | |||||||||||||
$40.00 | $ | 16 billion | $ | 12 billion | 97.0 | % | 3.0 | % | $ | 360 million | 8,994,000 | |||||||||||||
$55.00 | $ | 22 billion | $ | 18 billion | 95.0 | % | 5.0 | % | $ | 900 million | 16,356,000 |
Share Price | Performance Awards Granted in June 2020 | Performance Awards Granted in December 2020 | Total Performance Shares Outstanding (3) | |||||||||||||||||||||||||||||
Former Executive Chairman (1) | Chief Executive Officer | Chief Financial Officer | Chief Legal Officer | Chief Human Resources Officer | Total Performance Shares Granted | President, Energy & Commercial (2) | ||||||||||||||||||||||||||
$10.00 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
$25.00 | 1,069,000 | 1,069,000 | 570,000 | 534,000 | 356,000 | 3,598,000 | 400,557 | 2,929,557 | ||||||||||||||||||||||||
$40.00 | 1,603,000 | 1,603,000 | 855,000 | 801,000 | 534,000 | 5,396,000 | 600,835 | 4,393,835 | ||||||||||||||||||||||||
$55.00 | 2,187,000 | 2,187,000 | 1,166,000 | 1,093,000 | 729,000 | 7,362,000 | 819,320 | 5,994,320 | ||||||||||||||||||||||||
Total | 4,859,000 | 4,859,000 | 2,591,000 | 2,428,000 | 1,619,000 | 16,356,000 | 1,820,712 | 13,317,712 | ||||||||||||||||||||||||
Total Value | $ | 138,644,298 | $ | 138,644,298 | $ | 73,930,310 | $ | 69,279,349 | $ | 46,198,744 | $ | 466,696,999 | $ | 18,402,917 |
(1) | In connection with Mr. Milton’s separation, all performance awards granted to him were canceled and returned. |
(2) | In connection with Mr. Koziner’s promotion to President, Energy & Commercial and being appointed an executive officer, our board of directors granted performance awards to him on the same terms as the other named executive officers but with the number of performance shares adjusted by the number of months remaining in the performance period and adjusted by the stock price at the time the grant was approved by our board of directors in December 2020. |
(3) | This column shows the total number of shares underlying performance awards outstanding as of the end of the fiscal year after accounting for the cancellation of Mr. Milton’s award and the grant of Mr. Koziner’s award. |
Name and principal position | Fiscal Year | Salary ($) (1) | Bonus ($) | Stock Awards ($) (3) | Option Awards ($) | All Other Compensation ($) (5) | Total ($) | |||||||||||||||||||||
Mark A. Russell | 2020 | 173,077 | — | 159,026,298 | — | — | 159,199,375 | |||||||||||||||||||||
President and Chief Executive Officer | 2019 | 250,866 | — | — | 6,307,496 | (4) | — | 6,561,342 | ||||||||||||||||||||
Kim J. Brady | 2020 | 144,231 | 1,041,139 | (2) | 84,800,710 | — | 50,566 | 86,036,646 | ||||||||||||||||||||
Chief Financial Officer | 2019 | 250,000 | — | — | — | 12,451 | 262,451 | |||||||||||||||||||||
Pablo M. Koziner | 2020 | 2 | — | 31,473,917 | — | — | 31,473,919 | |||||||||||||||||||||
President, Energy & Commercial | ||||||||||||||||||||||||||||
Britton M. Worthen Chief Legal Officer | 2020 | 144,231 | — | 79,470,349 | — | — | 79,614,580 | |||||||||||||||||||||
Joseph R. Pike | 2020 | 115,385 | — | 52,992,744 | — | — | 53,108,129 | |||||||||||||||||||||
Chief Human Resources Officer | ||||||||||||||||||||||||||||
Trevor R. Milton | 2020 | 153,462 | — | 159,026,298 | (6) | — | — | 159,179,760 | ||||||||||||||||||||
Former Executive Chairman | 2019 | 266,000 | — | — | — | — | 266,000 |
(1) | Reflects actual base salary payments earned by our named executive officers in the applicable fiscal year. For 2020, the amounts shown represent total salary paid to our named executive officers during full fiscal year 2020, reflecting pre-Business Combination salaries to Messrs. Russell, Brady, Worthen, Pike and Milton of $300,000, $250,000, $250,000, $200,000 and $266,000, respectively, and post-Business Combination salaries of $1 to each of our named executive officers. |
(2) | Represents a cash bonus paid to Mr. Brady in connection with Legacy Nikola’s Series D preferred stock financing prior to the Business Combination pursuant to Mr. Brady’s employment agreement with Legacy Nikola. |
(3) | The amounts in this column represent the aggregate fair value of restricted stock unit awards and market-based performance restricted stock unit awards computed as of the grant date of each award in accordance with ASC 718 for financial reporting purposes, rather than amounts paid to or realized by the individual. Theone-time performance award is intended to compensate our named executive officers over a three-year term and will become vested as to all shares subject to it only if our share price increases to $55 during the three-year performance period. Each tranche of the total number of shares subject to the award will become earned only to the extent specific share price milestones are achieved, and earned shares are only distributed at the conclusion of the performance period subject to such executive officer’s continued service. Any performance awards not earned upon the end of the performance period will be forfeited. As of the date of this filing, none of the share price milestones have been achieved and none of the performance awards have been earned. See the notes to our consolidated financial statements included elsewhere in this prospectus for a discussion of assumptions made in determining the grant date fair value and compensation expense of our stock awards. There can be no assurance that stock award performance milestones will be achieved (in which case no value will be realized by the individual) or that the value upon achievement will approximate the fair value as computed in accordance with ASC 718. |
(4) | Represents the aggregate fair value of the option awards computed as of the grant date of each award in accordance with ASC 718 for financial reporting purposes, rather than amounts paid to or realized by Mr. Russell. There can be no assurance that option awards will be exercised (in which case no value will be realized by the individual) or that the value on exercise will approximate the fair value as computed in accordance with ASC 718. |
(5) | We did not make matching contributions to our 401(k) plan during fiscal year 2020. Pursuant to Mr. Brady’s employment agreement, in connection with his relocation to Phoenix, Arizona, we paid $27,287 for qualified relocation expenses and an associated $23,279 to offset the taxes incurred by that relocation reimbursement during 2020. Additionally, we paid or reimbursed airfare and temporary living expenses in the amount of $8,395, plus a corresponding tax gross up payment of $4,056 during 2019. |
(6) | In September 2020, we entered into a separation agreement with our former executive chairman which resulted in a modification of his 600,000 time-based restricted stock units and cancellation of all market-based performance restricted stock units. The modification resulted in us recognizing total stock-based compensation of $16.5 million for the awards. |
Estimated Future Payouts Under Equity Incentive Plan Awards (2) | All Other Stock Awards: Number of Shares of Stock or Units (#) (3) | Grant Date Fair Value of Stock Awards ($) (4) | ||||||||||||||||||||||
Name | Grant Date (1) | Threshold (#) | Target (#) | Maximum (#) | ||||||||||||||||||||
Mark A. Russell | 2020/06/03 | — | — | — | 600,000 | 20,382,000 | ||||||||||||||||||
2020/06/03 | — | 1,069,000 | — | — | 30,502,316 | |||||||||||||||||||
2020/06/03 | — | 1,603,000 | — | — | 45,739,208 | |||||||||||||||||||
2020/06/03 | — | 2,187,000 | — | — | 62,402,774 | |||||||||||||||||||
Kim J. Brady | 2020/06/03 | — | — | — | 320,000 | 10,870,400 | ||||||||||||||||||
2020/06/03 | — | 570,000 | — | — | 16,264,098 | |||||||||||||||||||
2020/06/03 | — | 855,000 | — | — | 24,396,146 | |||||||||||||||||||
2020/06/03 | — | 1,166,000 | — | — | 33,270,066 | |||||||||||||||||||
Pablo M. Koziner | 2020/08/17 | — | — | — | 300,000 | 13,071,000 | ||||||||||||||||||
2020/12/22 | — | 400,557 | — | — | 5,363,458 | |||||||||||||||||||
2020/12/22 | — | 600,835 | — | — | 6,236,837 | |||||||||||||||||||
2020/12/22 | — | 819,320 | — | — | 6,802,622 | |||||||||||||||||||
Britton M. Worthen | 2020/06/03 | — | — | — | 300,000 | 10,191,000 | ||||||||||||||||||
2020/06/03 | — | 534,000 | — | — | 15,236,891 | |||||||||||||||||||
2020/06/03 | — | 801,000 | — | — | 22,855,337 | |||||||||||||||||||
2020/06/03 | — | 1,093,000 | — | — | 31,187,120 | |||||||||||||||||||
Joseph R. Pike | 2020/06/03 | — | — | — | 200,000 | 6,794,000 | ||||||||||||||||||
2020/06/03 | — | 356,000 | — | — | 10,158,587 | |||||||||||||||||||
2020/06/03 | — | 534,000 | — | — | 15,237,881 | |||||||||||||||||||
2020/06/03 | — | 729,000 | — | — | 20,802,276 | |||||||||||||||||||
Trevor R. Milton | 2020/06/03 | — | — | — | 600,000 | 20,382,000 | (5) | |||||||||||||||||
2020/06/03 | — | 1,069,000 | — | — | 30,502,316 | (5) | ||||||||||||||||||
2020/06/03 | — | 1,603,000 | — | — | 45,739,208 | (5) | ||||||||||||||||||
2020/06/03 | — | 2,187,000 | — | — | 62,402,774 | (5) |
(1) | The awards with a grant date of June 3, 2020 were granted in accordance with the amended and restated employment agreements of each respective executive officer discussed elsewhere in this prospectus, which were approved in conjunction with the closing of the Business Combination on June 3, 2020. Upon the effectiveness of our S-8 registration statement, our Compensation Committee approved the issuance of these awards to our executive officers on August 21, 2020. |
(2) | Represents market-based performance restricted stock units granted pursuant to our 2020 Stock Plan based upon the achievement of share price milestones of our common stock between September 20, 2020 through June 3, 2023, subject to continued service through June 3, 2023. The target number of shares will be either earned or unearned; there are no threshold or maximum levels of the award. |
(3) | For all named executive officers other than Mr. Koziner, represents time-based RSUs granted pursuant to our 2020 Stock Plan which vest 100% following the third anniversary of grant, subject to continued service |
through June 3, 2023. For Mr. Koziner, who was not an executive officer at the time of his hire in June 2020, the amount shown represents time-based RSUs granted pursuant to our 2020 Stock Plan which vest semi-annually through the third anniversary of grant, subject to continued service through June 3, 2023. |
(4) | The amounts in this column represent the aggregate fair value of restricted stock unit awards and market-based performance awards computed as of the grant date of each award in accordance with ASC 718 for financial reporting purposes, rather than amounts paid to or realized by the individual. See the notes to our consolidated financial statements included elsewhere in this prospectus for a discussion of assumptions made in determining the grant date fair value and compensation expense of our stock awards. There can be no assurance that stock award performance milestones will be achieved (in which case no value will be realized by the individual) or that the value upon achievement will approximate the fair value as computed in accordance with ASC 718. |
(5) | In September 2020, we entered into a separation agreement with our former executive chairman which resulted in a modification of his 600,000 time-based restricted stock units and cancellation of all market-based performance restricted stock units. The modification resulted in us recognizing total stock-based compensation of $16.5 million for the awards. |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Name | Date Granted | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock that Have Not Vested (#) (1) | Market Value of Shares or Units of Stock that Have Not Vested ($) (2) | Equity Incentive Plan Awards: Number of Unearned Shares or Units That Have Not Vested (#) (3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares or Units That Have Not Vested ($) (4) | |||||||||||||||||||||||||||
Mark A. Russell | 2019/02/27 | 8,843,299 | — | 1.06 | 2029/02/26 | — | — | — | — | |||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | 600,000 | 9,156,000 | — | — | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 1,069,000 | 16,312,940 | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 1,603,000 | 24,461,780 | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 2,187,000 | 33,373,620 | ||||||||||||||||||||||||||||
Kim J. Brady | 2017/11/13 | 5,185,232 | — | 1.06 | 2027/11/12 | — | — | — | — | |||||||||||||||||||||||||||
2018/12/21 | 5,090,182 | — | 1.06 | 2028/12/20 | — | — | — | — | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | 320,000 | 4,883,200 | — | — | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 570,000 | 8,698,200 | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 855,000 | 13,047,300 | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 1,166,000 | 17,793,160 | ||||||||||||||||||||||||||||
Pablo M. Koziner | 2020/08/17 | — | — | — | — | 275,000 | 4,196,500 | — | — | |||||||||||||||||||||||||||
2020/12/22 | — | — | — | — | — | — | 400,557 | 6,112,500 | ||||||||||||||||||||||||||||
2020/12/22 | — | — | — | — | — | — | 600,835 | 9,168,742 | ||||||||||||||||||||||||||||
2020/12/22 | — | — | — | — | — | — | 819,320 | 12,502,823 | ||||||||||||||||||||||||||||
Britton M. Worthen | 2017/11/01 | 61,482 | — | 1.06 | 2027/10/31 | — | — | — | — | |||||||||||||||||||||||||||
2018/10/17 | 1,634,860 | — | 1.06 | 2028/10/16 | — | — | — | — | ||||||||||||||||||||||||||||
2018/11/01 | 55,326 | — | 1.06 | 2028/10/31 | — | — | — | — | ||||||||||||||||||||||||||||
2018/12/31 | 750,644 | (5) | — | 1.06 | 2028/12/31 | — | — | — | — | |||||||||||||||||||||||||||
2019/03/19 | 2,851,500 | — | 1.06 | 2029/03/18 | — | — | — | — | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | 300,000 | 4,578,000 | — | — | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 534,000 | 8,148,840 | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 801,000 | 12,223,260 | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 1,093,000 | 16,679,180 |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||
Name | Date Granted | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock that Have Not Vested (#) (1) | Market Value of Shares or Units of Stock that Have Not Vested ($) (2) | Equity Incentive Plan Awards: Number of Unearned Shares or Units That Have Not Vested (#) (3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares or Units That Have Not Vested ($) (4) | |||||||||||||||||||||||||||
Joseph R. Pike | 2018/10/17 | 409,712 | — | 1.06 | 2028/01/21 | — | — | — | — | |||||||||||||||||||||||||||
2018/12/31 | 180,153 | (5) | — | 1.06 | 2028/12/31 | — | — | — | — | |||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | 200,000 | 3,052,000 | — | — | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 356,000 | 5,432,560 | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 534,000 | 8,148,840 | ||||||||||||||||||||||||||||
2020/06/03 | — | — | — | — | — | — | 729,000 | 11,124,540 | ||||||||||||||||||||||||||||
Trevor R. Milton | 2020/06/03 | — | — | — | — | 600,000 | 9,156,000 | — | — |
(1) | Time-based restricted stock units granted to our named executive officers vest 100% following the third anniversary of grant. The restricted stock units shown for Mr. Koziner, granted prior to him becoming an executive officer in December 2020, vest semi-annually over three years from the date of grant. The restricted stock units shown for Mr. Milton will be distributed to him on March 15, 2021 in connection with the terms of his separation agreement. |
(2) | The market value of unvested time-based restricted stock units is calculated based on the closing price of our common stock ($15.26) as reported on The Nasdaq Global Select Market on December 31, 2020. |
(3) | Market-based performance stock units granted to our named executive officers vest 100% following the third anniversary of grant to the extent we have achieved the defined performance milestones during the performance period. Mr. Milton forfeited his performance unit awards in connection with his separation from us in September 2020. |
(4) | The market value of unvested market-based performance restricted stock units that have not vested is calculated based on the closing price of our common stock ($15.26) as reported on The Nasdaq Global Select Market on December 31, 2020. Because none of the market-based share price milestones had been achieved by December 31, 2020 and none of the performance award had been earned, the market value of the performance units was $0. |
(5) | Represents performance-based stock options issued under Legacy Nikola’s Founder Stock Option Plan, effective as of December 31, 2018, or the Founder Stock Option Plan. These shares fully vested upon the closing of the Business Combination. For further details on the Founder Stock Option Plan, see the section entitled “Certain Relationships and Related Party Transactions—Transactions with Executive Officers.” |
Option Awards | Stock Awards | |||||||||||||||
Name | Number of Shares Acquired on Exercise (#) (1) | Value Realized On Exercise ($) (2) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) (3) | ||||||||||||
Mark A. Russell | 380,200 | 3,402,000 | — | — | ||||||||||||
Kim J. Brady | 380,200 | 3,402,000 | — | — | ||||||||||||
Pablo M. Koziner | — | — | 25,000 | 474,500 | ||||||||||||
Britton M. Worthen | 380,200 | 3,402,000 | — | — | ||||||||||||
Joseph R. Pike | 65,538 | 586,437 | — | — | ||||||||||||
Trevor R. Milton | — | — | — | — |
(1) | In May 2020, VA Spring NM, LLC (currently known as Spring NM, LLC), or Spring NM, which is affiliated with Jeffrey W. Ubben, a member of our board of directors, purchased an aggregate of 2,356,655 shares of Legacy Nikola common stock from certain employees, advisors and former employees of Legacy Nikola, including stock option shares purchased from Messrs. Russell (200,000 shares), Brady (200,000 shares), Worthen (200,000 shares), and Pike (34,476 shares). The equivalent post-Business Combination number of shares of our common stock is shown. |
(2) | Represents a cash exercise of the option for which we calculated the value realized based on the difference between the fair market value of our common stock on the date of exercise minus the exercise price of the option. |
(3) | We computed the value realized upon vesting of restricted stock units by multiplying the number of shares of common stock underlying RSUs that vested by the closing price of our common stock on the vesting date. |
Value of Cash Payments ($) | Value of Accelerated Equity Awards ($) | |||||||||||||||||||||||||||||||||||||||
Name | Change in Control Only Single- Trigger | Change in Control Double- Trigger (1) | Involuntary Termination (1) | Death, Disability | Retirement, Voluntary Termination | Change in Control Only Single- Trigger | Change in Control Double- Trigger (2) | Involuntary Termination (2) | Death, Disability (3) | Retirement, Voluntary Termination | ||||||||||||||||||||||||||||||
Mark A. Russell | — | 2,615,604 | 2,615,604 | — | — | — | 9,156,000 | 9,156,000 | 9,156,000 | — | ||||||||||||||||||||||||||||||
Kim J. Brady | — | 1,067,953 | 1,067,953 | — | — | — | 4,883,200 | 4,883,200 | 4,883,200 | — | ||||||||||||||||||||||||||||||
Pablo M. Koziner | — | 1,061,324 | 1,061,324 | — | — | — | 4,196,500 | 4,196,500 | 4,196,500 | — | ||||||||||||||||||||||||||||||
Britton M. Worthen | — | 1,067,853 | 1,067,853 | — | — | — | 4,578,000 | 4,578,000 | 4,578,000 | — | ||||||||||||||||||||||||||||||
Joseph R. Pike | — | 962,853 | 962,853 | — | — | — | 3,052,000 | 3,052,000 | 3,052,000 | — | ||||||||||||||||||||||||||||||
Trevor R. Milton | — | — | — | — | — | — | — | — | — | 9,156,000 | (4) |
(1) | For involuntary terminations with or without a change in control, pursuant to their employment agreements, our named executive officers would be entitled to a cash severance payment plus a cash lump sum amount equivalent to 18 months of COBRA benefits continuation in exchange for a release of claims against us and other covenants determined to be in our best interests. |
(2) | For involuntary terminations with or without a change in control, all outstanding stock options and restricted stock units immediately vest in full. For involuntary terminations without a change in control, outstanding performance units will vest in an amount based upon the stock price milestones achieved prior to the executive’s termination date and then pro-rated for the amount of time that the executive was employed during the Performance Period. For involuntary terminations following a change in control, outstanding performance units that converted to time vested stock awards units based upon the stock price milestones achieved in the change in control vest. Because all stock options held by our named executive officers had already vested, and because none of the performance stock price milestones had been achieved by fiscal year end, the values shown reflect the number of accelerated time-based restricted stock units multiplied by the closing stock price ($15.26) on the last day of 2020. |
(3) | For terminations due to death and disability, all outstanding stock options and restricted stock units held by our named executive officers will vest immediately. Outstanding performance units will vest in an amount based upon the stock price milestones achieved prior to the date of the executive’s death or termination due to disability. Because all stock options held by our named executive officers had already vested, and because none of the performance stock price milestones had been achieved by fiscal year end, the values shown reflect the number of accelerated time-based restricted stock units multiplied by the closing stock price ($15.26) on the last day of 2020. |
(4) | Represents value as of December 31, 2020. Value as of Mr. Milton’s separation date is $16,548,000. |
Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted average exercise price of outstanding options, warrants and rights (b) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | ||||||||||
Equity compensation plans approved by security holders | 50,873,467 | $ | 1.28 | 28,523,925 | ||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||
Total | 50,873,467 | (1) | $ | 1.28 | 28,523,925 | (2) | ||||||
(1) | Consists of 32,529,224 shares issuable upon exercise of options outstanding under our 2017 Option Plan, 5,026,531 shares issuable upon vesting of outstanding RSUs under our 2020 Stock Plan, and 13,317,712 shares issuable upon vesting settlement of market-based RSUs outstanding under our 2020 |
Stock Plan. There are no options outstanding under our 2020 Stock Plan. The weighted average exercise price in column (b) does not take into account the RSUs or market-based RSUs that have no exercise price. |
(2) | Consists of 24,523,925 shares available for future issuance under our 2020 Stock Plan and 4,000,000 shares available for future issuance under our 2020 ESPP as of December 31, 2020. |
Stockholder | Shares of Series D Preferred Stock | Total Purchase Price | ||||||
Iveco S.p.A. (1) | 25,661,448 | (3) | $ | 250,000,016.92 | (4) | |||
ValueAct Spring Master Fund, L.P. (2) | 1,539,688 | $ | 15,000,014.70 |
(1) | Gerrit A. Marx is a member of our board of directors and is affiliated with Iveco. |
(2) | Jeffrey W. Ubben is a member of our board of directors and is affiliated with Spring Master Fund. |
(3) | Includes shares committed for issuance to Iveco on or prior to the closing of the Business Combination. |
(4) | Includes a cash investment and value of services rendered and licenses granted pursuant to the CNHI Services Agreement. |
Shares Beneficially Owned | Shares Beneficially Owned After this Offering | |||||||||||||||
Name and address of beneficial owner | Number | % of Ownership | Number | % of Ownership | ||||||||||||
Named Executive Officers and Directors: | ||||||||||||||||
Mark A. Russell (1) | 49,774,487 | 12.4 | % | 49,774,487 | % | |||||||||||
Kim J. Brady (2) | 10,275,414 | 2.6 | % | 10,275,414 | % | |||||||||||
Joseph R. Pike (3) | 409,712 | * | 409,712 | * | ||||||||||||
Britton M. Worthen (4) | 4,603,168 | 1.2 | % | 4,603,168 | * | |||||||||||
Pablo M. Koziner | — | — | — | — | ||||||||||||
Trevor R. Milton (5)(14) | 84,104,126 | 21.5 | % | 84,104,216 | % | |||||||||||
Michael L. Mansuetti (6) | — | — | — | — | ||||||||||||
Mary L. Petrovich | — | — | — | — | ||||||||||||
Steven M. Shindler (7) | 402,298 | * | 402,298 | * | ||||||||||||
DeWitt C. Thompson, V (8) | 13,144,216 | 3.4 | % | 13,144,216 | % | |||||||||||
Sooyean (Sophia) Jin (9) | — | — | — | — | ||||||||||||
Bruce L. Smith | — | — | — | — | ||||||||||||
Jeffrey W. Ubben (10) | 18,962,024 | 4.8 | % | 18,962,024 | % | |||||||||||
Stephen J. Girsky (11) | 1,754,344 | * | 1,754,344 | * | ||||||||||||
Gerrit A. Marx (12) | — | — | — | — | ||||||||||||
All executive officers and directors as a group (15 persons) (13) | 183,429,789 | 44.0 | % | 183,429,789 | % | |||||||||||
5% Stockholders: | ||||||||||||||||
M&M Residual, LLC (14) | 83,504,126 | 21.3 | % | 83,504,216 | % | |||||||||||
T&M Residual, LLC (1) | 39,876,497 | 10.2 | % | 39,876,497 | % | |||||||||||
Iveco S.p.A. (15) | 25,661,448 | 6.5 | % | 25,661,448 | % | |||||||||||
Green Nikola Holdings, LLC (16) | 22,130,385 | 5.6 | % | 22,130,385 | % |
* | Represents beneficial ownership of less than 1%. |
(1) | Consists of (i) 1,054,691 shares held by Mr. Russell, (ii) 39,876,497 shares held by T&M Residual, LLC and (iii) 8,843,299 fully vested and exercisable options to purchase shares of common stock held by Mr. Russell. T&M Residual, LLC is owned by Trevor R. Milton and Mark A. Russell. Mr. Russell is the manager of T&M Residual, LLC, and has sole dispositive power over the shares held by T&M Residual, LLC. Mr. Milton has sole voting power over the shares held by T&M Residual, LLC. The business address of T&M Residual, LLC is c/o Nikola Corporation, 4141 E Broadway Road, Phoenix, Arizona 85040. |
(2) | Includes fully vested and exercisable options to purchase 10,275,414 shares of common stock held by Mr. Brady. |
(3) | Includes fully vested and exercisable options to purchase 409,712 shares of common stock held by Mr. Pike. |
(4) | Includes fully vested and exercisable options to purchase 4,603,168 shares of common stock held by Mr. Worthen. |
(5) | Includes (i) 83,504,126 shares owned by M&M Residual, LLC and (ii) 600,000 RSUs which are to be distributed to Mr. Milton within 60 days of March 1, 2021. Mr. Milton separated from the Company in September 2020. |
(6) | Does not include shares held by Nimbus Holdings LLC. Mr. Mansuetti is affiliated with Nimbus Holdings LLC but has no voting or dispositive power over the shares held by Nimbus Holdings LLC. |
(7) | Consists of 370,857 shares and 31,441 shares underlying private warrants owned by Mr. Shindler. |
(8) | Consists of 13,144,216 shares held by Legend Capital Partners. As the Managing Partner of Legend Capital Partners, Mr. Thompson may be deemed to indirectly beneficially own shares held by Legend and disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein. The business address of this stockholder is 1245 Bridgestone Blvd., LaVergne, TN 37086. |
(9) | Does not include shares held by Green Nikola Holdings LLC. Ms. Jin is affiliated with Green Nikola Holdings LLC but has no voting or dispositive power over the shares held by Green Nikola Holdings LLC. |
(10) | Consists of 8,686,587 shares held by Spring NM and 10,275,437 shares held by Spring Master Fund. As the managing member of Spring NM, Mr. Ubben may be deemed to indirectly beneficially own shares held by Spring NM. Shares held by Spring Master Fund may be deemed to be indirectly beneficially owned by Inclusive Capital Partners, L.P. as investment manager to Spring Master Fund. Mr. Ubben disclaims beneficial ownership of securities held by Spring NM and Spring Master Fund except to the extent of his pecuniary interest therein. Mr. Ubben may be deemed to have an indirect pecuniary interest in shares held by Spring NM and Spring Master Fund. The business address of this stockholder is 572 Ruger Street, Suite B, San Francisco, CA 94129. |
(11) | Consists of 1,572,903 shares and 181,441 shares underlying private warrants owned by Mr. Girsky. |
(12) | Does not include shares held by Iveco. Mr. Marx is affiliated with Iveco but has no voting or dispositive power over the shares held by Iveco. |
(13) | Consists of (i) 74,981,188 shares beneficially owned by our current executive officers and directors, (ii) 83,504,126 shares beneficially owned by Mr. Milton who separated from the Company in September 2020. (iii) fully vested and exercisable options to purchase 24,131,593 shares, (iv) 600,000 RSUs which are to be distributed within 60 days of March 1, 2021 and (v) 212,882 shares underlying exercisable private warrants. |
(14) | M&M Residual, LLC is wholly-owned by Trevor A. Milton. Mr. Milton has sole voting and dispositive power over shares held by M&M Residual, LLC. Includes 2,608,642 shares subject to option held by certain employees pursuant to the Founder Stock Option Plan, including 930,797 options held by Mr. Pike and Mr. Worthen. The business address of this stockholder is P.O. Box 50608, Phoenix, AZ 85076. |
(15) | Iveco is a wholly-owned subsidiary of CNHI. The business address of this stockholder is 25 St. James’ Street, London, SW1A 1HA, United Kingdom. |
(16) | Green Nikola Holdings LLC has two members, Hanwha General Chemical USA Corp. and Hanwha Energy USA Holdings Corp., which also share voting and investment power over the shares. The business address of this stockholder is 300 Frank W. Burr. Blvd., Suite 52, Teaneck, NJ 07666. |
Name | Number of Shares | |||
Citigroup Global Markets Inc. | ||||
Total: | ||||
Total | ||||||||||||||||
Per Share | No Exercise | Full Exercise | ||||||||||||||
Public offering price | $ | $ | $ | |||||||||||||
Underwriting discounts and commissions | $ | $ | $ | |||||||||||||
Proceeds, before expenses, to us | $ | $ | $ | |||||||||||||
or otherwise) to our employees, officers, directors, advisors, or consultants pursuant to the terms of a plan in effect on the date hereof and as described in this prospectus; |
(a) | to any legal entity which is a qualified investor as defined under the Prospectus Regulation; |
(b) | to fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to obtaining the prior consent of the representative; or |
(c) | in any other circumstances falling within Article 1(4) of the Prospectus Regulation, |
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F-4 | ||||
F-5 | ||||
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F-7 | ||||
F-8 | ||||
F-9 |
Valuation of Market Based Restricted Stock Units | ||
Description of the matter | The grant date fair value of the Market Based Restricted Stock Units (“Market Based RSUs”) granted during the year ended December 31, 2020 totaled $485.1 million. As of December 31, 2020, the unrecognized compensation expense related to the Market Based RSUs totaled $283.0 million. The market condition underlying these Market Based RSUs is |
based upon achieving certain stock price thresholds over a period of time. As discussed in Notes 2 and 11 to the consolidated financial statements, the Market Based RSUs were valued using a Monte Carlo simulation model that utilized various assumptions, including volatility and risk free rate, to determine the probability of satisfying the market condition stipulated in the award to calculate the fair value of the award. The volatility assumption was the most critical assumption and had a significant effect on the grant date fair value of the Market Based RSUs and the correlated compensation expense. The volatility assumption was calculated using the historical volatilities of guideline public companies, which were selected based on the nature and similarity of their operations to that of the Company. Auditing the Market Based RSUs was challenging due to the complexity of the Monte Carlo simulation model that considers thousands of simulation paths for stock price performance, as well as the highly judgmental nature of selecting the guideline public companies that determine the critical volatility assumption used in the calculation of the grant date fair value and the correlated recognition of compensation expense. | ||
How we addressed the matter in our audit | To test the grant date fair value of the Market Based RSUs, our audit procedures included, among others, assessing the appropriateness of the use of the Monte Carlo simulation model and the underlying calculation, as well as testing the assumptions used to calculate the grant date fair value of the Market Based RSUs. We compared the risk free rate to readily available information as of the grant date. For the critical volatility assumption, we assessed the applicability of the guideline public companies used based on the nature of their business, compared the historical volatilities of the guideline public companies used in the estimate to actual historical results, and we developed an independent range of volatility. We involved our specialists to assist us with evaluating the Monte Carlo simulation model, as well as to perform comparative range calculations using the assumptions previously discussed. |
December 31, | ||||||||
2020 | 2019 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 840,913 | $ | 85,688 | ||||
Restricted cash and cash equivalents | 4,365 | 0 | ||||||
Accounts receivable, net | 0 | 658 | ||||||
Prepaid in-kind services | 46,271 | 0 | ||||||
Prepaid expenses and other current assets | 5,368 | 4,535 | ||||||
Total current assets | 896,917 | 90,881 | ||||||
Restricted cash and cash equivalents | 4,000 | 4,144 | ||||||
Long-term deposits | 17,687 | 13,276 | ||||||
Property and equipment, net | 71,401 | 53,378 | ||||||
Intangible assets, net | 50,050 | 62,513 | ||||||
Investment in affiliate | 8,420 | 0 | ||||||
Goodwill | 5,238 | 5,238 | ||||||
Total assets | $ | 1,053,713 | $ | 229,430 | ||||
Liabilities and stockholders’ equity | ||||||||
Current liabilities | ||||||||
Accounts payable | 29,364 | 5,113 | ||||||
Accrued expenses and other current liabilities | 18,809 | 11,425 | ||||||
Term note, current | 4,100 | 0 | ||||||
Total current liabilities | 52,273 | 16,538 | ||||||
Term note | 0 | 4,100 | ||||||
Finance lease liabilities | 13,956 | 0 | ||||||
Other long-term liabilities | 0 | 12,212 | ||||||
Deferred tax liabilities, net | 8 | 1,072 | ||||||
Total liabilities | 66,237 | 33,922 | ||||||
Commitments and contingencies (Note 14) | 0 | 0 | ||||||
Preferred stock, $0.0001 par value, 150,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2020 and 2019 | 0— | 0— | ||||||
Stockholders’ equity | ||||||||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 391,041,347 and 270,826,092 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 39 | 27 | ||||||
Additional paid-in capital | 1,560,820 | 383,961 | ||||||
Accumulated other comprehensive income | 239 | 0 | ||||||
Accumulated deficit | (573,622 | ) | (188,480 | ) | ||||
Total stockholders’ equity | 987,476 | 195,508 | ||||||
Total liabilities and stockholders’ equity | $ | 1,053,713 | $ | 229,430 | ||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Solar revenues | $ | 95 | $ | 482 | $ | 173 | ||||||
Cost of solar revenues | 72 | 271 | 50 | |||||||||
Gross profit | 23 | 211 | 123 | |||||||||
Operating expenses: | ||||||||||||
Research and development | 185,619 | 67,514 | 58,374 | |||||||||
Selling, general, and administrative | 182,724 | 20,692 | 12,238 | |||||||||
Impairment expense | 14,415 | 0 | 0 | |||||||||
Total operating expenses | 382,758 | 88,206 | 70,612 | |||||||||
Loss from operations | (382,735 | ) | (87,995 | ) | (70,489 | ) | ||||||
Other income (expense): | ||||||||||||
Interest income, net | 202 | 1,456 | 686 | |||||||||
Revaluation of Series A redeemable convertible preferred stock warrant liability | 0 | (3,339 | ) | 3,502 | ||||||||
Loss on forward contract liability | (1,324 | ) | 0 | 0 | ||||||||
Other income (expense), net | (846 | ) | 1,373 | 6 | ||||||||
Loss before income taxes and equity in net loss of affiliate | (384,703 | ) | (88,505 | ) | (66,295 | ) | ||||||
Income tax expense (benefit) | (1,026 | ) | 151 | (2,002 | ) | |||||||
Loss before equity in net loss of affiliate | (383,677 | ) | (88,656 | ) | (64,293 | ) | ||||||
Equity in net loss of affiliate | (637 | ) | 0 | 0 | ||||||||
Net loss | (384,314 | ) | (88,656 | ) | (64,293 | ) | ||||||
Premium paid on repurchase of redeemable convertible preferred stock | (13,407 | ) | (16,816 | ) | (166 | ) | ||||||
Net loss attributable to common stockholders, basic and diluted | $ | (397,721 | ) | $ | (105,472 | ) | $ | (64,459 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (1.19 | ) | $ | (0.40 | ) | $ | (0.28 | ) | |||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 335,325,271 | 262,528,769 | 226,465,041 | |||||||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Net loss | (384,314 | ) | (88,656 | ) | (64,293 | ) | ||||||
Other comprehensive income: | ||||||||||||
Foreign currency translation adjustment, net of tax | 239 | 0 | 0 | |||||||||
Comprehensive loss | (384,075 | ) | (88,656 | ) | (64,293 | ) | ||||||
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Stockholders’ Equity | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Balance as of December 31, 2017 | 52,189,169 | $ | 73,062 | 60,166,667 | $ | 1 | $ | 3,065 | $ | (34,272 | ) | $ | — | $ | (31,206 | ) | ||||||||||||||||
Retroactive application of recapitalization | (52,189,169 | ) | (73,062 | ) | 153,421,743 | 20 | 73,042 | — | — | 73,062 | ||||||||||||||||||||||
Adjusted balance, beginning of period | — | — | 213,588,410 | 21 | 76,107 | (34,272 | ) | — | 41,856 | |||||||||||||||||||||||
Issuance of Series C redeemable convertible preferred stock, net of $7,000 issuance costs. (1) | — | — | 47,801,632 | 5 | 208,995 | — | — | 209,000 | ||||||||||||||||||||||||
Repurchase of Series B redeemable convertible preferred stock (1) | — | — | (983,699 | ) | — | (4,166 | ) | — | — | (4,166 | ) | |||||||||||||||||||||
Stock-based compensation | — | — | — | — | 3,843 | — | — | 3,843 | ||||||||||||||||||||||||
Net loss | — | — | — | — | — | (64,293 | ) | — | (64,293 | ) | ||||||||||||||||||||||
Balance as of December 31, 2018 | — | $ | — | 260,406,343 | $ | 26 | $ | 284,779 | $ | (98,565 | ) | $ | — | $ | 186,240 | |||||||||||||||||
Issuance of Series D redeemable convertible preferred stock, net of $4,700 issuance costs (1) | — | — | 6,671,998 | 1 | 60,304 | — | — | 60,305 | ||||||||||||||||||||||||
Issuance of Series D redeemable convertible preferred stock for in-kind contribution(1) | — | — | 5,953,515 | — | 58,000 | — | — | 58,000 | ||||||||||||||||||||||||
Exercise of Series A redeemable convertible preferred stock warrants (1) | — | — | 1,368,720 | — | 6,116 | — | — | 6,116 | ||||||||||||||||||||||||
Repurchase of Series B redeemable convertible preferred stock (1) | — | — | (3,575,750 | ) | — | (30,259 | ) | (1,097 | ) | — | (31,356 | ) | ||||||||||||||||||||
Exercise of stock options | — | — | 1,266 | — | 1 | — | — | 1 | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 4,858 | — | — | 4,858 | ||||||||||||||||||||||||
Cumulative effect of ASU 2018-07 adoption | — | — | — | — | 162 | (162 | ) | — | — | |||||||||||||||||||||||
Net loss | — | — | — | — | — | (88,656 | ) | — | (88,656 | ) | ||||||||||||||||||||||
Balance as of December 31, 2019 | — | $ | — | 270,826,092 | $ | 27 | $ | 383,961 | $ | (188,480 | ) | $ | — | $ | 195,508 | |||||||||||||||||
Issuance of Series D redeemable convertible preferred stock, net of $8,403 issuance costs (1) | — | — | 6,581,340 | 1 | 56,249 | — | — | 56,250 | ||||||||||||||||||||||||
Issuance of Series D redeemable convertible preferred stock for in kind contribution (1) | — | — | 9,443,353 | 1 | 91,998 | — | — | 91,999 | ||||||||||||||||||||||||
Business Combination and PIPE financing | — | — | 72,272,942 | 7 | 616,213 | — | — | 616,220 | ||||||||||||||||||||||||
Exercise of stock options | — | — | 8,716,423 | — | 9,863 | — | — | 9,863 | ||||||||||||||||||||||||
Issuance of shares for RSU awards | — | — | 194,306 | — | — | — | — | — | ||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 137,991 | — | — | 137,991 | ||||||||||||||||||||||||
Common stock issued for warrants exercised | — | — | 23,006,891 | 3 | 264,545 | — | — | 264,548 | ||||||||||||||||||||||||
Cumulative effect of ASU 2016-02 adoption | — | — | — | — | — | (828 | ) | — | (828 | ) | ||||||||||||||||||||||
Net loss | — | — | — | — | — | (384,314 | ) | — | (384,314 | ) | ||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 239 | 239 | ||||||||||||||||||||||||
Balance as of December 31, 2020 | — | $ | — | 391,041,347 | $ | 39 | $ | 1,560,820 | $ | (573,622 | ) | $ | 239 | $ | 987,476 | |||||||||||||||||
(1) | Issuance of redeemable convertible preferred stock and convertible preferred stock warrants have been retroactively restated to give effect to the recapitalization transaction. |
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (384,314 | ) | $ | (88,656 | ) | $ | (64,293 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 6,008 | 2,323 | 625 | |||||||||
Stock-based compensation | 137,991 | 4,858 | 3,843 | |||||||||
Non-cash interest income | 0 | 0 | (298 | ) | ||||||||
Revaluation of Series A redeemable convertible preferred stock warrant liability | 0 | 3,339 | (3,502 | ) | ||||||||
Deferred income taxes | (1,063 | ) | 151 | (2,002 | ) | |||||||
Non-cash in-kind services | 45,729 | 8,000 | 0 | |||||||||
Loss on forward contract liability | 1,324 | 0 | 0 | |||||||||
Impairment expense | 14,415 | 0 | 0 | |||||||||
Equity in net loss of affiliate | 637 | 0 | 0 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Accounts receivable, net | 658 | (763 | ) | 47 | ||||||||
Prepaid expenses and other current assets | (1,586 | ) | 157 | (2,588 | ) | |||||||
Accounts payable, accrued expenses and other current liabilities | 29,668 | (9,366 | ) | 15,121 | ||||||||
Other long-term liabilities | 0 | (670 | ) | (972 | ) | |||||||
Net cash used in operating activities | (150,533 | ) | (80,627 | ) | (54,019 | ) | ||||||
Cash flows from investing activities | ||||||||||||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | (350 | ) | ||||||||
Issuance of related party note receivable | 0 | 0 | (2,500 | ) | ||||||||
Purchases and deposits for property and equipment | (22,324 | ) | (21,100 | ) | (9,155 | ) | ||||||
Investments in affiliate | (8,817 | ) | 0 | 0 | ||||||||
Cash paid towards build-to-suit | 0 | (18,202 | ) | (3,405 | ) | |||||||
Net cash used in investing activities | (31,141 | ) | (39,302 | ) | (15,410 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Proceeds from the exercise of Series A redeemable convertible preferred stock warrants | 0 | 2,160 | 0 | |||||||||
Repurchase of Series B redeemable convertible preferred stock from related parties, net of issuance costs paid | 0 | (31,356 | ) | (1,368 | ) | |||||||
Proceeds from issuance of Series C redeemable convertible preferred stock, net of issuance costs paid | 0 | 0 | 209,000 | |||||||||
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs paid | 50,349 | 65,000 | 0 | |||||||||
Business Combination and PIPE financing, net of issuance costs paid | 616,726 | 0 | 0 | |||||||||
Proceeds from the exercise of stock options | 9,650 | 1 | 0 | |||||||||
Proceeds from the exercise of stock warrants, net of issuance costs paid | 264,548 | 0 | 0 | |||||||||
Proceeds from landlord on finance lease | 889 | 0 | 0 | |||||||||
Payments on finance lease liability | (1,042 | ) | 0 | 0 | ||||||||
Proceeds from note payable | 4,134 | 0 | 4,100 | |||||||||
Payment of note payable | (4,134 | ) | 0 | 0 | ||||||||
Net cash provided by financing activities | 941,120 | 35,805 | 211,732 | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents | 759,446 | (84,124 | ) | 142,303 | ||||||||
Cash and cash equivalents, including restricted cash and cash equivalents, beginning of period | 89,832 | 173,956 | 31,653 | |||||||||
Cash and cash equivalents, including restricted cash and cash equivalents, end of period | $ | 849,278 | $ | 89,832 | $ | 173,956 | ||||||
Supplementary cash flow disclosures: | ||||||||||||
Cash paid for interest | $ | 884 | $ | 96 | $ | 96 | ||||||
Cash interest received | $ | 703 | $ | 1,437 | $ | 484 | ||||||
Cash paid for income taxes, net of refunds | $ | 0 | $ | 2 | $ | 0 | ||||||
Supplementary disclosures for noncash investing and financing activities: | ||||||||||||
Non-cash interest received related to related party notes | $ | 0 | $ | 0 | $ | 298 | ||||||
Non-cash settlement of related party note receivable | $ | 0 | $ | 0 | $ | 2,500 | ||||||
Accrued purchases of property and equipment | $ | 6,751 | $ | 1,094 | $ | 1,781 | ||||||
Property acquired through build-to-suit | $ | 0 | $ | 3,243 | $ | 9,287 | ||||||
Non-cash acquisition of license | $ | 0 | $ | 50,000 | $ | 0 | ||||||
Non-cash Series C redeemable convertible preferred stock issuance costs | $ | 0 | $ | 0 | $ | 2,001 | ||||||
Accrued Series D redeemable convertible preferred stock issuance costs | $ | 0 | $ | 4,695 | $ | 0 | ||||||
Non-cash prepaidin-kind services | $ | 46,271 | $ | 0 | $ | 0 | ||||||
Accrued Business Combination and PIPE transaction costs | $ | 285 | $ | 0 | $ | 0 | ||||||
Net liabilities assumed by VectoIQ | $ | 221 | $ | 0 | $ | 0 | ||||||
Settlement of forward contract liability | $ | 1,324 | $ | 0 | $ | 0 | ||||||
Stock option proceeds receivable | $ | 213 | $ | 0 | $ | 0 |
As of December 31, | ||||||||
2020 | 2019 | |||||||
Cash and cash equivalents | $ | 840,913 | $ | 85,688 | ||||
Restricted cash—current | 4,365 | — | ||||||
Restricted cash and cash equivalents—non-current | 4,000 | 4,144 | ||||||
Cash, cash equivalents and restricted cash and cash equivalents | $ | 849,278 | $ | 89,832 | ||||
As of December 31, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Cash equivalents—money market | $ | 827,118 | 0 | 0 | $ | 827,118 | ||||||||||
Restricted cash equivalents—money market | 4,100 | 0 | 0 | 4,100 |
As of December 31, 2019 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Cash equivalents—money market | $ | 73,005 | 0 | 0 | $ | 73,005 | ||||||||||
Restricted cash equivalents—money market | 4,144 | 0 | 0 | 4,144 |
Redeemable Convertible Preferred Stock Warrant Liability | ||||
Estimated fair value at December 31, 2018 | $ | 617 | ||
Change in estimated fair value | 3,339 | |||
Exercise of Series A redeemable convertible preferred stock | (3,956 | ) | ||
Estimated fair value at December 31, 2019 | $ | 0 | ||
For the Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Risk-free interest rate | N/A | 1.48% - 2.41 | % | 2.63 | % | |||||||
Expected term (in years) | N/A | 0 - 0.75 | 1 | |||||||||
Expected dividend yield | N/A | 0 | 0 | |||||||||
Expected volatility | N/A | 70 | % | 70 | % |
Forward Contract Liability | ||||
Estimated fair value at December 31, 2019 | $ | 0 | ||
Change in estimated fair value | 1,324 | |||
Settlement of forward contract liability | (1,324 | ) | ||
Estimated fair value at December 31, 2020 | $ | 0 | ||
As of | ||||||||
April 10, 2020 | December 31, 2019 | |||||||
Estimated future value of Series D redeemable convertible preferred stock | $ | 10.00 | $ | 9.74 | ||||
Discount rate | 0 | % | 1.56 | % | ||||
Time to liquidity (years) | 0 | 0.3 |
Property and Equipment | Useful life | |||
Machinery and equipment | 5 - 20 years | |||
Furniture and fixtures | 7 years | |||
Leasehold improvements | Shorter of useful life or lease term | |||
Software | 3 years | |||
Building | 12 years |
Recapitalization | ||||
Cash—VectoIQ’s trust and cash (net of redemptions) | $ | 238,358 | ||
Cash—PIPE | 525,000 | |||
Less: transaction costs and advisory fees paid | (51,210 | ) | ||
Less: VectoIQ loan payoff in conjunction with close | (422 | ) | ||
Less: M&M Residual redemption | (70,000 | ) | ||
Less: Nimbus repurchase | (25,000 | ) | ||
Net Business Combination and PIPE financing | 616,726 | |||
Less: non-cash net liabilities assumed from VectoIQ | (221 | ) | ||
Less: accrued transaction costs and advisory fees | (285 | ) | ||
Net contributions from Business Combination and PIPE financing | $ | 616,220 | ||
Number of Shares | ||||
Common stock, outstanding prior to Business Combination | 22,986,574 | |||
Less: redemption of VectoIQ shares | (2,702 | ) | ||
Common stock of VectoIQ | 22,983,872 | |||
VectoIQ Founder Shares | 6,640,000 | |||
Shares issued in PIPE | 52,500,000 | |||
Less: M&M Residual redemption | (7,000,000 | ) | ||
Less: Nimbus repurchase | (2,850,930 | ) | ||
Business Combination and PIPE financing shares | 72,272,942 | |||
Legacy Nikola shares (1) | 288,631,536 | |||
Total shares of common stock immediately after Business Combination | 360,904,478 | |||
(1) | The number of Legacy Nikola shares was determined from the 151,831,441 shares of Legacy Nikola common stock outstanding immediately prior to the closing of the Business Combination converted at the Exchange Ratio of 1.901. All fractional shares were rounded down. |
As of December 31, | ||||||||
2020 | 2019 | |||||||
Materials and supplies | $ | 0 | $ | 1,872 | ||||
Prepaid expenses and other current assets | 5,368 | 2,663 | ||||||
Total prepaid expenses and other current assets | $ | 5,368 | $ | 4,535 | ||||
As of December 31, | ||||||||
2020 | 2019 | |||||||
Machinery and equipment | $ | 14,820 | $ | 13,483 | ||||
Furniture and fixtures | 1,480 | 1,228 | ||||||
Leasehold improvements | 1,488 | 1,437 | ||||||
Software | 4,285 | 1,909 | ||||||
Building | 0 | 33,248 | ||||||
Finance lease asset | 34,775 | — | ||||||
Construction-in-progress | 21,218 | 4,264 | ||||||
Other | 1,750 | 1,309 | ||||||
Property and equipment, gross | 79,816 | 56,878 | ||||||
Less: accumulated depreciation and amortization | (8,415 | ) | (3,500 | ) | ||||
Total property and equipment, net | $ | 71,401 | $ | 53,378 | ||||
As of December 31, | ||||||||
2020 | 2019 | |||||||
Accrued payroll and payroll related expenses | $ | 1,105 | $ | 1,385 | ||||
Accrued stock issuance costs | 285 | 4,695 | ||||||
Accrued outsourced engineering services | 2,514 | 3,205 | ||||||
Accrued purchases of property and equipment | 2,533 | 433 | ||||||
Accrued legal expenses | 8,845 | 243 | ||||||
Other accrued expenses | 2,457 | 804 | ||||||
Current portion of finance lease liability | 1,070 | — | ||||||
Current portion of BTS lease financing liability | — | 660 | ||||||
Total accrued expenses and other current liabilities | $ | 18,809 | $ | 11,425 | ||||
Consolidated Statements of Operations Caption | Year Ended December 31, 2020 | |||
Selling, general and administrative | 1,937 | |||
Research and development | 1,375 | |||
Interest expense | 782 | |||
Total finance lease cost | 4,094 | |||
Consolidated Statements of Operations Caption | Year Ended December 31, | |||
Selling, general and administrative | 435 | |||
Research and development | 309 | |||
Total variable lease costs | 744 | |||
Classification | As of December 31, 2020 | |||||||
Assets | ||||||||
Finance lease asset | Property and equipment, net | 31,463 | ||||||
Total lease assets | 31,463 | |||||||
Liabilities | ||||||||
Current | Accrued expenses and other current liabilities | 1,070 | ||||||
Non-current | Finance lease liabilities | 13,956 | ||||||
Total lease liabilities | 15,026 | |||||||
Years Ended December 31, | Lease Payments | |||
2021 | $ | 1,797 | ||
2022 | 1,851 | |||
2023 | 1,905 | |||
2024 | 1,959 | |||
2025 | 2,013 | |||
Thereafter | 9,532 | |||
Total lease payments | $ | 19,057 | ||
Less: imputed interest | 4,031 | |||
Total lease liabilities | $ | 15,026 | ||
Less: current portion | 1,070 | |||
Long-term lease liabilities | $ | 13,956 | ||
Years Ended December 31, | Lease Payments | |||
2020 | $ | 1,739 | ||
2021 | 1,792 | |||
2022 | 1,846 | |||
2023 | 1,900 | |||
2024 | 1,954 | |||
Thereafter | 11,712 | |||
Total | $ | 20,943 | ||
As of December 31, 2020 | ||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||
Licenses | $ | 50,150 | $ | (100 | ) | $ | 50,050 | |||||
Total intangible assets | $ | 50,150 | $ | (100 | ) | $ | 50,050 | |||||
As of December 31, 2019 | ||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||
In-process R&D | $ | 12,110 | $ | — | $ | 12,110 | ||||||
Trademarks | 394 | (71 | ) | 323 | ||||||||
Licenses | 50,150 | (70 | ) | 50,080 | ||||||||
Total intangible assets | $ | 62,654 | $ | (141 | ) | $ | 62,513 | |||||
Years Ended December 31, | Amortization | |||
2021 | $ | 1,816 | ||
2022 | 7,163 | |||
2023 | 7,143 | |||
2024 | 7,143 | |||
2025 | 7,143 | |||
Thereafter | 19,642 | |||
Total | $ | 50,050 | ||
As of December 31, | ||||||||
2020 | 2019 | |||||||
Term note—current | $ | 4,100 | $ | 0 | ||||
Term note—non-current | 0 | 4,100 | ||||||
Total debt | $ | 4,100 | $ | 4,100 | ||||
Years Ended December 31, | ||||||
2020 | 2019 | 2018 | ||||
Exercise price | $1.05 – $9.66 | $1.05 – $3.58 | $1.05 | |||
Risk-free interest rate | 0.1% – 1.7% | 1.4% – 2.7% | 2.3% – 3.0% | |||
Expected term (in years) | 0.2 – 6.3 | 5.0 – 6.3 | 4.6 – 6.2 | |||
Expected dividend yield | 0 | 0 | 0 | |||
Expected volatility | 70.0% – 85.8% | 70.0% – 85.1% | 70% |
Options | Weighted Average Exercise Price Per share | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at December 31, 2017 | 18,260,484 | $ | 1.58 | 9.35 | $ | 0 | ||||||||||
Granted | 25,791,263 | 1.05 | ||||||||||||||
Exercised | 0 | 0 | ||||||||||||||
Cancelled | 18,260,484 | 1.58 | ||||||||||||||
Outstanding at December 31, 2018 | 25,791,263 | $ | 1.05 | 9.54 | $ | 24,720 | ||||||||||
Granted | 14,553,811 | 1.14 | ||||||||||||||
Exercised | 1,266 | 1.05 | ||||||||||||||
Cancelled | 330,983 | 1.06 | ||||||||||||||
Outstanding at December 31, 2019 | 40,012,825 | $ | 1.08 | 8.78 | $ | 99,999 | ||||||||||
Granted | 1,582,496 | 5.31 | ||||||||||||||
Exercised | 8,716,423 | 1.13 | ||||||||||||||
Cancelled | 349,674 | 1.31 | ||||||||||||||
Outstanding at December 31, 2020 | 32,529,224 | $ | 1.28 | 7.82 | $ | 454,668 | ||||||||||
Vested and exercisable as of December 31, 202 0 | 30,868,124 | $ | 1.23 | 7.79 | $ | 433,198 | ||||||||||
Number of RSUs | Weighted-Average Grant Date Fair Value | |||||||
Balance at December 31, 2019 | 0 | $ | 0 | |||||
Granted | 5,287,795 | 31.5 | ||||||
Released | 194,306 | 43.3 | ||||||
Cancelled | 66,958 | 24.9 | ||||||
Balance at December 31, 2020 | 5,026,531 | $ | 31.2 | |||||
Year Ended December 31, 2020 | ||
Risk-free interest rate | 0.2% – 0.3% | |
Expected volatility | 70.0% – 85.0% |
Number of Market Based RSUs | Weighted-Average Grant Date Fair Value | |||||||
Balance at December 31, 2019 | 0 | 0 | ||||||
Granted | 18,176,712 | 26.7 | ||||||
Released | 0 | 0 | ||||||
Cancelled | 4,859,000 | 28.5 | ||||||
Balance at December 31, 2020 | 13,317,712 | 26.0 | ||||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Research and development | $ | 15,862 | $ | 653 | $ | 513 | ||||||
Selling, general, and administrative | 122,129 | 4,205 | 3,330 | |||||||||
Total stock-based compensation expense | $ | 137,991 | $ | 4,858 | $ | 3,843 | ||||||
Unrecognized compensation expense | Remaining weighted- average recognition period (years) | |||||||
Options | $ | 2,297 | 1.8 | |||||
Market Based RSUs | 283,035 | 2.5 | ||||||
RSUs | 111,952 | 2.6 | ||||||
Total unrecognized compensation expense at December 31, 2020 | $ | 397,284 | ||||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Current tax provision | ||||||||||||
Federal | $ | 36 | $ | 0 | $ | 0 | ||||||
State | 1 | 1 | 1 | |||||||||
Total current tax provision | 37 | 1 | 1 | |||||||||
Deferred tax provision | ||||||||||||
Federal | (492 | ) | 43 | (1,963 | ) | |||||||
State | (571 | ) | 107 | (40 | ) | |||||||
Total deferred tax provision | (1,063 | ) | 150 | (2,003 | ) | |||||||
Total income tax provision (benefit) | $ | (1,026 | ) | $ | 151 | $ | (2,002 | ) | ||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Tax at statutory federal rate | $ | (80,922 | ) | $ | (18,586 | ) | $ | (13,922 | ) | |||
State tax, net of federal benefit | (14,052 | ) | (4,649 | ) | (2,419 | ) | ||||||
Stock-based compensation | (7,652 | ) | 556 | 161 | ||||||||
Section 162(m) limitation | 1,834 | 0 | 0 | |||||||||
Research and development credits, net of uncertain tax position | (14,945 | ) | (5,915 | ) | 0 | |||||||
Other | 408 | 915 | 1 | |||||||||
Change in valuation allowance | 114,303 | 27,830 | 14,177 | |||||||||
Total income tax provision (benefit) | $ | (1,026 | ) | $ | 151 | $ | (2,002 | ) | ||||
As of December 31, | ||||||||
2020 | 2019 | |||||||
Deferred tax assets: | ||||||||
Federal and state income tax credits | $ | 21,279 | $ | 6,334 | ||||
Net operating loss carryforward | 132,471 | 41,444 | ||||||
Start-up costs capitalized | 1,490 | 1,157 | ||||||
Stock-based compensation | 8,260 | 1,816 | ||||||
Tenant allowance | 0 | 3,075 | ||||||
Finance lease liability | 3,718 | 0 | ||||||
Property and equipment, net | 4,069 | 0 | ||||||
Accrued expenses and other | 0 | 104 | ||||||
Total deferred tax assets | 171,287 | 53,930 | ||||||
Valuation allowance | (162,496 | ) | (47,672 | ) | ||||
Deferred tax assets, net of valuation allowance | 8,791 | 6,258 | ||||||
Deferred tax liabilities: | ||||||||
Intangible assets | (1,020 | ) | (3,277 | ) | ||||
Finance lease asset | (7,786 | ) | 0 | |||||
Property and equipment | 0 | (4,053 | ) | |||||
Other | 7 | 0 | ||||||
Total deferred tax liabilities | (8,799 | ) | (7,330 | ) | ||||
Deferred tax liabilities, net | $ | (8 | ) | $ | (1,072 | ) | ||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Gross amount of unrecognized tax benefits as of the beginning of the year | $ | 432 | $ | 140 | $ | 140 | ||||||
Additions based on tax positions related to the current year | 5,622 | 292 | 0 | |||||||||
Additions based on tax position from prior years | 1,338 | 0 | 0 | |||||||||
Gross amount of unrecognized tax benefits as of the end of the year | $ | 7,392 | $ | 432 | $ | 140 | ||||||
1. | in July 2016, the Company stated that it owned rights to natural gas wells, and in August 2016 that the wells were used as a backup to solar hydrogen production; |
2. | in August 2016, Milton and the Company stated that the Company had engineered a zero emissions truck; |
3. | in December 2016, Milton stated that the Nikola One was a fully functioning vehicle; |
4. | that an October 2017 video released by the Company gave the impression the Nikola One was driven; |
5. | in April 2019, Milton stated that solar panels on the roof of the Company’s headquarters produce approximately 18 megawatts of energy per day; |
6. | in December 2019 and July 2020, Milton stated that the Company “can produce” over 1,000 kg of hydrogen at the Company’s demo stations and that the Company was “down below” $3/kg at that time; |
7. | in July 2020, Milton stated that “all major components are done in house”; he made similar statements in June 2020; |
8. | in July 2020, Milton stated that the inverter software was the most advanced in the world and that other OEMs had asked to use it; and |
9. | in July 2020, Milton stated that 5 trucks were “coming off the assembly line” in Ulm, Germany. |
Payments due by period as of December 31, 2020 | ||||||||||||||||||||
Total | Less than 1 Year | 1 - 3 Years | 3 - 5 Years | More than 5 Years | ||||||||||||||||
Purchase Obligations | $ | 31,161 | $ | 21,758 | $ | 9,403 | $ | 0 | $ | 0 | ||||||||||
$ | 31,161 | $ | 21,758 | $ | 9,403 | $ | 0 | $ | 0 | |||||||||||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Numerator: | ||||||||||||
Net loss | $ | (384,314 | ) | $ | (88,656 | ) | $ | (64,293 | ) | |||
Less: Premium on repurchase of redeemable convertible preferred stock | (13,407 | ) | (16,816 | ) | (166 | ) | ||||||
Net loss attributable to common stockholder, basic and diluted | $ | (397,721 | ) | $ | (105,472 | ) | $ | (64,459 | ) | |||
Denominator: | ||||||||||||
Weighted average shares outstanding, basic and diluted | 335,325,271 | 262,528,769 | 226,465,041 | |||||||||
Net loss per share to common stockholder, basic and diluted | $ | (1.19 | ) | $ | (0.40 | ) | $ | (0.28 | ) | |||
Years Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Stock options, including performance stock options | 32,529,224 | 40,012,825 | 25,791,263 | |||||||||
Warrants | 760,915 | 0 | 0 | |||||||||
Restricted stock units, including Market Based RSUs | 18,344,243 | 0 | 0 | |||||||||
51,634,382 | 40,012,825 | 25,791,263 | ||||||||||
Fiscal Quarter Ended | ||||||||||||||||||||||||||||||||
December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | |||||||||||||||||||||||||
Solar revenues | 0 | 0 | 36 | 58 | 49 | 296 | 13 | 124 | ||||||||||||||||||||||||
Cost of solar revenues | 0 | 0 | 30 | 43 | 44 | 141 | 24 | 62 | ||||||||||||||||||||||||
Gross profit | 0 | 0 | 6 | 15 | 5 | 155 | (11 | ) | 62 | |||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||
Research and development | 67,521 | 51,496 | 42,525 | 24,077 | 22,781 | 9,482 | 11,854 | 23,397 | ||||||||||||||||||||||||
Selling, general and administrative | 64,903 | 65,782 | 44,104 | 7,935 | 5,154 | 3,693 | 5,344 | 6,501 | ||||||||||||||||||||||||
Impairment expense | 14,415 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total operating expenses | 146,839 | 117,278 | 86,629 | 32,012 | 27,935 | 13,175 | 17,198 | 29,898 | ||||||||||||||||||||||||
Loss from operations | (146,839 | ) | (117,278 | ) | (86,623 | ) | (31,997 | ) | (27,930 | ) | (13,020 | ) | (17,209 | ) | (29,836 | ) | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||
Interest income (expense), net | (53 | ) | 171 | 22 | 62 | 374 | 411 | 338 | 333 | |||||||||||||||||||||||
Revaluation of Series A redeemable convertible preferred stock warrant liability | 0 | 0 | 0 | 0 | 0 | (2,844 | ) | 98 | (593 | ) | ||||||||||||||||||||||
Loss forward contract liability | 0 | 0 | 0 | (1,324 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Other income (expense), net | (597 | ) | (340 | ) | (23 | ) | 114 | 1,278 | 85 | 9 | 1 | |||||||||||||||||||||
Loss before income taxes and equity in net loss of affiliate | (147,489 | ) | (117,447 | ) | (86,624 | ) | (33,145 | ) | (26,278 | ) | (15,368 | ) | (16,764 | ) | (30,095 | ) | ||||||||||||||||
Income tax expense (benefit) | (1,030 | ) | 2 | 1 | 1 | 1 | 146 | 2 | 2 | |||||||||||||||||||||||
Loss before equity in net loss of affiliate | (146,459 | ) | (117,449 | ) | (86,625 | ) | (33,146 | ) | (26,279 | ) | (15,514 | ) | (16,766 | ) | (30,097 | ) | ||||||||||||||||
Equity in net loss of affiliate | (637 | ) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Net loss | (147,096 | ) | (117,449 | ) | (86,625 | ) | (33,146 | ) | (26,279 | ) | (15,514 | ) | (16,766 | ) | (30,097 | ) | ||||||||||||||||
�� | ||||||||||||||||||||||||||||||||
Premium paid on repurchase of redeemable convertible preferred stock | 0 | 0 | (13,407 | ) | 0 | (16,816 | ) | 0 | 0 | 0 | ||||||||||||||||||||||
Net loss attributable to common stockholders, basic and diluted | (147,096 | ) | (117,449 | ) | (100,032 | ) | (33,146 | ) | (43,095 | ) | (15,514 | ) | (16,766 | ) | (30,097 | ) | ||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.38 | ) | $ | (0.31 | ) | $ | (0.33 | ) | $ | (0.12 | ) | $ | (0.16 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.12 | ) | ||||||||
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 385,983,645 | 377,660,477 | 303,785,616 | 271,896,258 | 268,698,455 | 260,534,724 | 260,406,343 | 260,406,343 | ||||||||||||||||||||||||
Amount | ||||
SEC registration fee | $ | 10,910 | ||
FINRA filing fee | * | |||
Printing expenses | * | |||
Legal fees and expenses | * | |||
Accounting fees and expenses | * | |||
Transfer agent and registrar fees and expenses | * | |||
Miscellaneous | * | |||
Total | $ | * | ||
Exhibit No. | Description | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.1 | Interactive Data File. |
+ | The schedules and exhibits to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished to the SEC upon request. |
# | Indicates management contract or compensatory plan or arrangement. |
* | Portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K. |
† | To be filed by amendment. |
(1) | For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. |
(2) | For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
NIKOLA CORPORATION | ||
/s/ Mark A. Russell | ||
Name: | Mark A. Russell | |
Title: | President and Chief Executive Officer |
Signature | Title | Date | ||
/s/ Mark A. Russell | President, Chief Executive Officer and Director (Principal Executive Officer) | March | ||
Mark A. Russell | ||||
Chief Financial Officer (Principal Financial and Accounting Officer) | March | |||
Kim J. Brady | ||||
Director | March | |||
Stephen J. Girsky | ||||
Director | March | |||
Soo Yean (Sophia) Jin | ||||
Director | March | |||
Mary L. Petrovich | ||||
Director | March | |||
Michael L. Mansuetti |
Signature | Title | Date | ||
Director | March | |||
Gerrit A. Marx | ||||
Director | March | |||
Steven M. Shindler | ||||
Director | March | |||
Bruce L. Smith | ||||
Director | March | |||
DeWitt C. Thompson, V | ||||
Director | March | |||
Jeffrey W. Ubben |
*By: | /s/ Mark A. Russell | |
Mark A. Russell | ||
Attorney-in-fact |