Phoenix electric truck manufacturer Nikola to become public company, merge with investment firm
Investors interested in next-generation electric vehicles will have the opportunity to purchase shares in Nikola Corp., as the Phoenix-based manufacturer of zero-emissions heavy trucks announced its stock will be listed on Nasdaq.
The company will bypass the traditional means of raising capital through an initial public offering of stock and instead will merge with investment company VectoIQ, which will provide capital.
The combined entity is expected to have a stock market value or capitalization of around $3.3 billion, which would place Nikola among the 20 or so most valuable corporations headquartered in Arizona. The deal is slated for completion during the second quarter of 2020.
