Nikola Corporation Notice of Pendency of Settlement of Derivative Actions

PHOENIX, Sept. 19, 2025 /PRNewswire/ -- This press release informs stockholders of Nikola Corporation of (i) the derivative litigation in the Delaware Chancery Action, the Delaware Federal Derivative Action, the Arizona Federal Derivative Action, and the Demand Made Derivative Action (collectively, the "Actions") brought by plaintiffs derivatively on behalf of Nikola Corporation; (ii) a proposal to settle the Actions as provided in a Stipulation and Agreement of Settlement, Compromise, and Release ("Stipulation") dated as of August 21, 2025, which sets forth the terms and conditions of the proposed Settlement of the Actions; (iii) your right, among other things, to object to the proposed Settlement, any requested fee and expense award, including any service awards to plaintiffs to be paid solely from any fee and expense award, and to attend and participate in the settlement hearing.

The Notice of Pendency of Settlement of Derivative Actions (the "Notice") describes the rights you may have under the Stipulation and what steps you may, but are not required to, take concerning the proposed Settlement. If the Court approves the Stipulation, the parties will ask the Court to approve an Order and Final Judgment (the "Final Judgment") that would end the Actions.

Copies of the Stipulation and the Notice can be located on the Investor Relations page of Nikola Corporation's website at https://www.nikolamotor.com/investor-news through the date of the settlement hearing, which is scheduled to be held on November 20, 2025 at 3:15 p.m. at the Delaware Court of Chancery, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801.

CONTACT: [email protected]

SOURCE Nikola Corporation