Greenberg Traurig, P.A. Miami office Shareholder Alan I. Annex led a team of attorneys in the firm's representation of VectoIQ Acquisition Corp., a publicly-traded special purpose acquisition company (SPAC), in negotiating a merger agreement with Nikola Corporation, a leader in the design and development of BEV and FCEV class 8 semi-trucks. The combined company will be named Nikola Corporation and is expected to remain NASDAQ-listed under the new ticker symbol "NKLA." The new business will focus on the development of next generation smart transportation.
MIAMI, March 5, 2020 /PRNewswire-PRWeb/ -- Greenberg Traurig, P.A. Miami office Shareholder Alan I. Annex led a team of attorneys in the firm's representation of VectoIQ Acquisition Corp., a publicly-traded special purpose acquisition company (SPAC), in negotiating a merger agreement with Nikola Corporation, a leader in the design and development of BEV and FCEV class 8 semi-trucks. The combined company will be named Nikola Corporation and is expected to remain NASDAQ-listed under the new ticker symbol "NKLA." The new business will focus on the development of next generation smart transportation.
The transaction reflects an implied enterprise value at closing of $3.3 billion. Cash proceeds raised in connection with the transaction will primarily be used to fund operations, support growth, and for other general corporate purposes. The deal will be funded through a combination of VectoIQ's cash in trust and a $525 million private placement of common stock at $10.00 per share led by institutional investors including Fidelity Management & Research Company, ValueAct Spring Fund and P. Schoenfeld Asset Management LP. Current Nikola stockholders will remain majority owners of the combined company at closing.
The boards of directors of both VectoIQ and Nikola have unanimously approved the proposed transaction. Completion of the proposed transaction is subject to approval of VectoIQ and Nikola stockholders and other customary closing conditions, including a registration statement being declared effective by the Securities and Exchange Commission (SEC). It is expected to be completed in the second quarter of 2020.
Annex, who serves as co-chair of Greenberg Traurig's Global Corporate Practice, led the team that also included Greenberg Traurig Corporate Shareholders Jason T. Simon of the Northern Virginia office and Shareholder Kenneth A. Gerasimovich of the New York office.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has approximately 2200 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.
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March 06, 2020 at 01:20AM
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Greenberg Traurig Assists VectoIQ Acquisition Corp. in $3 Billion Merger Agreement with Nikola Corporation - Yahoo Finance
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