GM: strategic partnership with Nikola
(CercleFinance.com) - General Motors (GM) announces a strategic partnership with Nikola, by which the car maker will take an 11% stake in the capital of this electric mobility equipment supplier, as well as having the right to appoint a director to its board.
In exchange for certain in-kind contributions, the Detroit-based group will receive two billion dollars worth of newly issued Nikola shares, and will be subject to a lock-up commitment starting in one year and ending in June 2025.
As part of the partnership, GM will design, validate, homologate and build the Nikola Badger for the company's battery electric and fuel cell vehicle variants as part of in-kind services.
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In exchange for certain in-kind contributions, the Detroit-based group will receive two billion dollars worth of newly issued Nikola shares, and will be subject to a lock-up commitment starting in one year and ending in June 2025.
As part of the partnership, GM will design, validate, homologate and build the Nikola Badger for the company's battery electric and fuel cell vehicle variants as part of in-kind services.
Copyright (c) 2020 CercleFinance.com. All rights reserved.