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Nikola’s stock drops nearly 2% after EV maker fails to secure shareholder support for new-stock plan

Clyde Edgerton by Clyde Edgerton
July 6, 2023
in Markets
Nikola’s stock drops nearly 2% after EV maker fails to secure shareholder support for new-stock plan
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Shares of Nikola Corp. NKLA fell almost 2% in the extended session Thursday after the EV maker said it adjourned its shareholder meeting until Aug. 3 as it failed to secure support for its plan to issue new stock. Thursday’s meeting had re-started from early June because of the same issue. Nikola said that a new corporate law in Delaware, where the company is incorporated, is likely to help. The rule, expected to take effect Aug. 1, changes the voting threshold from a majority of the outstanding common stock to a majority of the shares actually voting on the proposal. “Under this proposed new law, if the annual meeting…



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