M&M Residual nominates five directors to Nikola board

M&M Residual, which owns approximately 4.5% of the outstanding common stock of Nikola, issued a statement regarding its nomination of five independent director candidates for election to the company’s nine-member board. M&M said, “Our five-member slate of highly qualified and independent candidates is excited about the opportunity to help fix Nikola’s addressable issues and put the Company back on the path to value creation. Since taking over as Chair in 2020, CEO Steve Girsky and his Board have overseen a staggering and consistent decline in Nikola’s stock from $30+ per share to a delisting Nasdaq price of less than seventy cents per share. Clearly, the status quo cannot continue. While the Board recently publicly stated that it rejected our nominations, the reality is that the Company has not legally done so and that our nominations still stand. Our slate of director candidates is highly qualified, wholly independent and focused on one goal: implementing a lasting turnaround that unlocks the significant potential of Nikola.”