CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced the following updates on the
$250 million investment, made through its IVECO commercial vehicle segment, in Nikola
Corporation (NASDAQ: NKLA) as a consequence of the completion, on June 3, 2020, of the previously announced merger between VectolQ Acquisition Corp., a publicly-traded special purpose acquisition company, and_ Nikola
Corporation (the 'Merger'.
Under the terms and conditions of the Merger, the former shareholders of Nikola received 1.901 shares of VectolQ for every one share held in
Nikola and became shareholders of VectolQ, which, in turn, changed its name to "Nikola
Corporation". Nikola Corporation shares began trading on Nasdaq under the new ticker symbol
"NKLA'" on June 4, 2020.
As a result of the Merger, IVECO now holds
25,661,449 shares of Nikola Corporation, corresponding to approximately 7.11% of Nikola outstanding share capital.
Until the closing of the Merger, in accordance with
US GAAP our investment in Nikola was accounted for using the cost method in the absence of a readily determinable fair value. Following the