# EDGAR Filing Document

**Accession Number:** 0001731289
**File Stem:** 0001193125-23-074783
**Filing Date:** 2023-3
**Character Count:** 43356
**Document Hash:** 9c3c0f22ea4ed4bfda9c990c79ef846f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-074783.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001193125-23-074783

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nikola Corp
- **CENTRAL INDEX KEY:** 0001731289
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **IRS NUMBER:** 824151153
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-239185
- **FILM NUMBER:** 23746463

**BUSINESS ADDRESS:**
- **STREET 1:** 4141 E BROADWAY ROAD
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85040
- **BUSINESS PHONE:** (480) 666-1038

**MAIL ADDRESS:**
- **STREET 1:** 4141 E BROADWAY ROAD
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85040

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VectoIQ Acquisition Corp.
- **DATE OF NAME CHANGE:** 20180213

**Filed pursuant to Rule 424(b)(3)** 

**Registration No. 333-239185** 

**PROSPECTUS SUPPLEMENT NO. 48** 

**(to Prospectus dated July 17, 2020)**![LOGO](g398955g0320200800207.jpg)

## Nikola Corporation
**Up to 53,390,000 Shares of Common Stock** 

**Up to 23,890,000 Shares of Common Stock Issuable Upon Exercise of Warrants** 

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This prospectus supplement supplements the prospectus dated July 17, 2020 (the "Prospectus"), which forms a part of our registration statement on Form S-1 (No. 333-239185). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our current report on Form 8-K, filed with the Securities and Exchange Commission on March 20, 2023 (the "Current Report"). Accordingly, we have attached the Current Report to this prospectus supplement.

The Prospectus and this prospectus supplement relates to the issuance by us of up to an aggregate of up to 23,890,000 shares of our common stock, $0.0001 par value per share ("Common Stock"), which consists of (i) up to 890,000 shares of Common Stock that are issuable upon the exercise of 890,000 warrants (the "Private Warrants") originally issued in a private placement in connection with the initial public offering of VectoIQ and (ii) up to 23,000,000 shares of Common Stock that are issuable upon the exercise of 23,000,000 warrants (the "Public Warrants" and, together with the Private Warrants, the "Warrants") originally issued in the initial public offering of VectoIQ.

The Prospectus and this prospectus supplement also relate to the offer and sale from time to time by the selling securityholders named in the Prospectus (the "Selling Securityholders") of (i) up to 53,390,000 shares of Common Stock (including up to 890,000 shares of Common Stock that may be issued upon exercise of the Private Warrants) and (ii) up to 890,000 Private Warrants.

Our Common Stock is listed on the Nasdaq Global Select Market under the symbol "NKLA". On March 17, 2023, the closing price of our Common Stock was $1.70.

This prospectus supplement updates and supplements the information in the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

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**See the section entitled "*Risk Factors*" beginning on page 7 of the Prospectus to read about factors you should consider before buying our securities.** 

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

**The date of this prospectus supplement is March 20, 2023.** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 8-K** 

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**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): March 16, 2023** 

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## NIKOLA CORPORATION
**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Delaware** | **001-38495** | **82-4151153** |
| **(State or Other Jurisdiction**<br> **of Incorporation)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

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| | |
|:---|:---|
| **4141 E Broadway Road** |  |
| **Phoenix, AZ** | **85040** |
| **(Address of principal executive offices)** | **(Zip Code)** |

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**(480) 666-1038** 

**(Registrant's telephone number, including area code)** 

**N/A** 

**(Former name or former address, if changed since last report.)** 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange**<br> **on which registered** |
| Common Stock, $0.0001 par value per share NKLA | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.**  |

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Out of an abundance of caution, Nikola and Romeo have elected to pursue the remedial actions described below. Concurrently with the filing of the petition, Nikola and Romeo filed a motion to expedite the hearing of the Section 205 Petition, which was subsequently granted on March 17, 2023.

*Background* 

At a special meeting of stockholders of RMG Acquisition Corp. ("RMG"), held on December 28, 2020 (the "de-SPAC Special Meeting"), a majority of the then-outstanding shares of RMG class A common stock and class B common stock, voting together as a single class, voted to approve the Second Amended Charter, which, among other things, increased the authorized shares of combined common stock to 250,000,000, which had previously been authorized as 100,000,000 shares of class A common stock and 10,000,000 shares of class B common stock (the "Authorized Share Charter Amendment").

Following completion of Legacy Romeo's merger with RMG, Romeo (formerly known as RMG) issued additional shares of common stock in reliance on the validity of the Authorized Share Charter Amendment that exceeded the 100,000,000 shares of class A common stock authorized under the Amended and Restated Certificate of Incorporation (the "First Amended and Restated Charter").

On July 30, 2022, Nikola, Romeo and J Purchaser Corp., a Delaware corporation and a wholly owned subsidiary of Nikola, entered into an Agreement and Plan of Merger and Reorganization (the "Merger Agreement") whereby Romeo became a wholly-owned subsidiary of Nikola on October 14, 2022. The Merger Agreement contemplated a two-step acquisition. In the first step, Nikola commenced an exchange offer for any and all outstanding shares of Romeo in exchange for shares of common stock of Nikola at an exchange ratio of 0.1186 (the "Exchange Ratio"). In the second step, Romeo and Nikola effected a merger of J Purchaser Corp. with and into Romeo, resulting in the holders of Romeo's common stock receiving shares of Nikola's common stock at the Exchange Ratio. On October 14, 2022, 50.1% of the issued and outstanding shares of Romeo were tendered and consequently, pursuant to the DGCL, the merger was approved and the Certificate of Merger was filed with the State of Delaware.

The aforementioned Boxed decision has created uncertainty as to whether Section 242(b)(2) of the DGCL would have required the Authorized Share Charter Amendment to be approved by a separate vote of the majority of the then-outstanding shares of RMG's Class A common stock, voting as a separate class. As a result, there is uncertainty as to the validity of Romeo's additional share issuances that were in excess of the number of shares of class A common stock authorized under the First Amended and Restated Charter and whether the transactions effectuating the merger with Nikola were validly approved.

To remove uncertainty created in light of the Boxed decision, Nikola and Romeo filed a petition in the Court of Chancery pursuant to Section 205 of the DGCL seeking validation of the Second Amended Charter, the shares issued in reliance on the validity of the Second Amended Charter, and the Certificate of Merger, including the merger effected thereby and the Third Amended and Restated Certificate of Incorporation attached to the Certificate of Merger. Section 205 of the DGCL permits the Court of Chancery, in its discretion, to validate potentially defective corporate acts and stock after considering a variety of factors.

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Since the Boxed decision was issued, Nikola has been informed that, through March 17, 2023, the Court of Chancery has heard and approved a number of Section 205 petitions brought by companies facing similar uncertainty arising out of the Boxed decision.

If Nikola is not successful in its Section 205 Petition, the uncertainty with respect to Romeo's authorized capitalization could have a material adverse impact on Nikola, including without limitation, the validity of the merger and the potential adverse consequences resulting therefrom, as well as Nikola's ability to raise capital in the future.

*Hearing Date* 

On March 17, 2023, the Court of Chancery granted the motion to expedite and set a hearing date for the Section 205 Petition to be heard at 1:30 p.m. on March 29, 2023, at the Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801. As required by the Court of Chancery, a copy of Nikola's Section 205 Petition in the form filed with the Court of Chancery is attached hereto as Exhibit 99.1. If any current or former stockholder of Nikola or Romeo wishes to express a position on the Section 205 Petition, such stockholder of Nikola or Romeo may (i) appear at the Section 205 hearing or (ii) file a written submission with the Register in Chancery, Leonard L. Williams Justice Center, 500 North King Street, Wilmington, Delaware 19801, referring to the case captioned, In re Romeo Power, Inc., Case Number 2023-0330-LWW in advance of the hearing, and any such written submission should be emailed to Nikola's counsel, Thomas Will, Morris, Nichols, Arsht & Tunnell LLP at twill@morrisnichols.com.

**Forward-Looking Statements** 

This Current Report on Form 8-K contains forward-looking statements within the meaning of federal securities laws, including statements with respect to the pending Section 205 proceeding. These forward-looking statements generally are identified by words such as "may," "should," "could," "would," "expect," "plan," "anticipate," "intend," "believe," "estimate," "continue," "project" or the negative of such terms and other similar expressions that predict or indicate future events or trends or that are not statements of present or historical matters. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These forward-looking statements are not intended to serve as, and must not be relied on by an investor or any other person as, a guarantee, an assurance, or a definitive statement of fact or probability. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expected. These risks and uncertainties include risks related to the outcome or timing of the Section 205 Petition and the potential impact on the validity of Nikola's acquisition of Romeo and ability to raise capital. If Nikola is unsuccessful in the Section 205 Petition, the uncertainty with respect to Romeo's and Nikola's capitalization could adversely affect Nikola's ability raise capital, which could have a material adverse effect on Nikola's business and prospects.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

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**(d) Exhibits** 

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| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Exhibit Description** |
| 99.1 | Verified Petition for Relief Pursuant to 8 Del. C. § 205 |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 17, 2023

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| | |
|:---|:---|
| NIKOLA CORPORATION | NIKOLA CORPORATION |
| By: | /s/ Britton M. Worthen |
|  | Britton M. Worthen |
|  | Chief Legal Officer |

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**Exhibit 99.1** 

IN THE COURT OF CHANCERY FOR THE STATE OF DELAWARE

IN RE ROMEO POWER, INC.))) C.A. No. 2023-<u> </u>

**<u>VERIFIED PETITION FOR RELIEF UNDER 8</u> *<u>DEL. C.</u>* <u>§ 205</u>**

Petitioners Romeo Power, Inc. ("Romeo Power" or the "Company") and Nikola Corporation ("Nikola") bring this petition (the "Petition") for relief under Section 205 of the Delaware General Corporation Law (the "DGCL"):

**<u>NATURE OF THE ACTION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Petitioners seeks to validate: (i) a Second Amended and Restated Certificate of Incorporation of the Company filed with the Delaware Secretary of State on December 29, 2020 (the "Second Amended Charter"); (ii) securities that Romeo Power issued in reliance on the Second Amended Charter; and (iii) a Certificate of Merger filed with the Delaware Secretary of State on October 14, 2022 effecting a merger that resulted in Romeo Power becoming a wholly-owned subsidiary of Nikola.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Like many companies recently, Petitioners file this Petition to address potential issues over the validity of a charter amendment and securities issued in reliance on that amendment raised by *Garfield v. Boxed, Inc.*, 2022 WL 17959766 (Del. Ch. 27, 2022) ("*Boxed*"). The background relevant to these two issues mirrors the background of many recent Section 205 petitions. The Company was initially a special purpose acquisition company that amended its charter in 2020

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in connection with a de-SPAC merger to increase the total number of shares of common stock authorized for issuance.<sup>1</sup> At the time, the Company had Class A Common Stock and Class B Common Stock. Believing it had only one class of common stock, the Company sought and obtained the approval of the combined vote of a majority of the voting power of the Class A Common Stock and the Class B Common stock voting together as a single class, but did not obtain a separate vote of its Class A Common Stock to amend its charter. After the charter amendment, the Company issued shares of common stock that exceeded the number of shares of Class A Common Stock authorized under the prior charter, believing it was operating under a validly approved Second Amended Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The primary difference in this Petition is that nearly two years later, a third-party buyer, Nikola, acquired all of the outstanding shares of the Company in all-stock acquisition using shares of Nikola's own common stock as consideration. As part of that acquisition, which was structured to begin with an exchange offer followed by a second-step merger under 8 *Del. C.* § 251(h) once Nikola owned a majority of the voting power of the outstanding Romeo common stock, the Company's certificate of incorporation was amended by operation of a merger and a certificate of merger was filed with the Delaware Secretary of State on October 14, 2022 (the "Nikola Merger"), with the Company ultimately becoming a wholly owned subsidiary of Nikola.

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<sup>1</sup> The amendment in December 2020 also collapsed the two classes of common stock into a single class of common stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Following *Boxed*, it is possible that the Second Amended Charter had to be approved by separate class votes of each of the Class A Common Stock and Class B Common stock in December 2020, in addition to the vote already sought and obtained by the Company. Thus, there are questions as to whether the Company validly adopted the Second Amended Charter, the number of outstanding shares of common stock that were properly authorized for issuance under the Second Amended Charter, and the validity of shares of common stock issued in connection with and after the closing of the de-SPAC Merger that exceeded the number of shares of Class A Common Stock under the prior charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The uncertainty raised by these issues has had other consequences. First, the uncertainty over the Company's capital structure pre- Nikola Merger has created a cloud over whether the Company's stockholders validly approved the Nikola Merger. Although Nikola understood that Romeo Power had obtained the requisite stockholder vote to consummate the Nikola Merger, because of the uncertainty over the Company's capital structure described above, it is not possible to determine the number of *valid* shares that Nikola obtained through its exchange offer or whether the Nikola Merger was in fact approved by a majority of Romeo Power's valid then-outstanding shares. As a result, the Nikola Merger may

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be invalid. Second, the uncertainty at the Company level may jeopardize Nikola's ability to obtain funding. To raise further funding, depending on the type of funding, Nikola needs Romeo Power's auditors to consent to the use of their audit report or provide a comfort letter with respect to Romeo Power's historical financial statements. Nikola understands that Romeo Power's auditors have raised concerns about providing such consent in light of the uncertainty over its capital structure and may decline to consent to the use of their audit report in connection with the Company's historical financial statements unless they receive additional assurances concerning the Company's capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Company and Nikola therefore jointly submit that relief under Section 205 is warranted. Various constituencies and third parties have relied on the validity of the Second Amended Charter, including stockholders who received Company stock in connection with the de-SPAC Merger as well as Nikola, which putatively acquired all the Company's outstanding shares of common stock in October 2022. Uncertainties relating to the Second Amended Charter and the Nikola Merger may impact the Company's former auditors' ability to certify the Company's financial statements, which may in turn affect Nikola's ability to raise capital. Furthermore, the Company and Nikola submit that relief under Section 204 is not practicable because, due to the potential uncertainty regarding the validity of the Nikola Merger, it is not clear that Nikola, as the sole stockholder of Romeo, holds valid stock to approve a Section 204 ratification.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Accordingly, Petitioners respectfully submit that relief under Section 205 is the most practicable, timely, and efficient recourse available to place the Company, its former stockholders, and Nikola in the position in which they believed themselves to be absent the technical issues identified in *Boxed*.

**<u>BACKGROUND</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **The Company Enters into a Business Combination with Legacy Romeo Power and Adopts the Second Amended Charter.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Company was incorporated on October 22, 2018 as a SPAC known as RMG Acquisition Corp. On February 7, 2019, the Company filed an Amended and Restated Certificate of Incorporation (the "First Amended Charter"). *See* Ex. A. The First Amended Charter was in effect at the time the Company sought stockholder approval for the de-SPAC Merger described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. In October 2020, the Company agreed to a de-SPAC business combination (the "Business Combination") with Romeo Systems, Inc. ("Legacy Romeo"), an energy storage technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles.<sup>2</sup>

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<sup>2</sup> After the de-SPAC, the Company renamed itself to Romeo Power, Inc. *See* Ex. C at 2.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. In connection with the Business Combination, the First Amended Charter needed amendment to enact provisions suitable for a going-concern public corporation. Accordingly, at the special meeting of Company stockholders called to approve the Business Combination (the "Business Combination Proposal"), the Company's stockholders were asked to approve other proposals (together with the Business Combination Proposal, the "Proposals"), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Proposals to approve various amendments to the First Amended Charter (the "Charter Proposals"). Among
other things, the Charter Proposals would increase to 250,000,000 the authorized shares of combined Common Stock, which had previously been authorized as 100,000,000 shares of Class A Common Stock and 10,000,000 shares of Class B Common
Stock. The Charter Proposals would also implement a "Class Vote Opt-Out," providing that future increases or decreases to the authorized shares of the Company would not require a separate vote
of the applicable class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A proposal to adopt and approve the issuance of Common Stock to the investors in the PIPE contemplated in
connection with the Business Combination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Proposals to approve an equity Incentive Plan.

*See* Ex. B (Proxy Statement, Dec. 10, 2020) at 136-38, 140-144.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Company solicited stockholder approval of the Proposals in a proxy statement dated December 10, 2020. In connection with seeking approval of the Charter Proposals, the proxy statement stated that approval of the Charter Proposals "will require the affirmative vote of the holders of a majority of the outstanding shares of [Company] common stock on the [Company] record date and the affirmative vote of the holders of a majority of the outstanding shares of Class B common stock on the [Company] record date." *Id.* at 136.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Company's stockholders voted on these matters at a special meeting held on December 28, 2020. Each of the Proposals, including the Charter Proposals, was approved by a majority of the holders of the Company's common stock, voting together as a single class.<sup>3</sup> *See* Ex. D (Form 8-K, Dec. 28, 2020). Because the Proposals obtained enough votes to satisfy the voting standards described in the proxy materials, the Company caused the Second Amended Charter to be filed with the Delaware Secretary of State on December 29, 2020. *See* Ex. C. The Charter Proposals, including Proposal 2B to increase the number of authorized shares of common stock, were <u>not</u>, however, approved by the holders of a majority of the Class A Common Stock then outstanding, voting as a separate class.<sup>4</sup>

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<sup>3</sup> Specifically, (i) the Business Combination Proposal received 16,567,762 votes for and 10,731 votes against, and (ii) the Charter Proposals (which were tabulated as a separate series of proposals) each received between 16,360,878 and 16,567,084 votes for. Additionally, each Proposal received a *de minimis* number of common stock abstentions. *See* Ex. D. 

<sup>4</sup> For instance, a total of 16,567,084 shares of common stock voted in favor of Proposal 2B, and as of the record date, the Company had 23,000,000 shares of Class A Common Stock outstanding. *See* Ex. D at 2. After subtracting the 5,175,000 of Class B Common Stock held by a sponsor and officers and directors that had agreed to vote in favor of the proposals (Ex. B at 3, 21, 22, 76), the result would only be 11,392,084 votes in favor even if all remaining votes were from the Class A Common Stock, and therefore less than the 11,500,000 needed for a majority. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The First Amended Charter resembled the charter at issue in *Boxed* with respect to whether the First Amended Charter established two different classes of stock for purposes of Section 242(b)(2) of the DGCL. The First Amended Charter could be read to have designated the Class A Common Stock and Class B Common Stock as two separate classes. If that is the case, then the Charter Proposals required approval by the holders of Class A Common Stock, voting as a separate class. In addition, to the extent the other Proposals might be deemed to have adversely affected the rights, powers, or preferences of the Class A Common Stock, a separate class vote of the Class A Common Stock would have been required to adopt those proposals as well.<sup>5</sup>

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<sup>5</sup> More specifically, the Second Amended Charter could be read as renaming the Class A Common Stock as common stock and increasing the authorized shares of that class, in which case a class vote of the Class A Common Stock may have been required. Alternatively, to the extent the Second Amended Charter reclassified the Class A Common Stock into Common Stock, a class vote may have been required by Section 242(b)(2) because such a reclassification might be viewed as adversely affecting the rights, powers or preferences of the Class A Common Stock and, if so, would require a separate class vote of the Class A Common Stock for purposes of Section 242(b)(2). 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Furthermore, the Company issued additional shares in reliance on the validity of the amendment that exceeded the 100,000,000 shares of Class A Common Stock authorized under the First Amended Charter. The Company had approximately 126,787,151 outstanding shares of common stock as of the closing of the Business Combination and 12,266,666 warrants each exercisable into one share of Company common stock. *See* Ex. E (Form 8-K, Jan. 5, 2021) at 4. This number continued to increase over time. For instance, in April 2022, the Company had 151,226,438 shares of common stock outstanding.<sup>6</sup> As of August 1, 2022, the Company had 185,908,638 shares of common stock issued and outstanding.<sup>7</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Accordingly, the relief that the Company seeks under Section 205 includes the validation of any defect that might have resulted from the failure to authorize the Second Amended Charter by the separate class vote of the Class A Common Stock if that vote was required by Section 242(b)(2) of the DGCL.

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<sup>6</sup> *See* Romeo Power, Inc. Form 8-K (July 1, 2022), *available at* https://www.sec.gov/ix?doc=/Archives/edgar/data/0001757932/0001104659 22076819/tm2220273d1_8k.htm.

<sup>7</sup> *See* Romeo Power, Inc. Form 10-Q (August 8, 2022), *available at* https://www.sec.gov/ix?doc=/Archives/edgar/data/0001757932/0001757932 22000047/rmo-20220630.htm.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **The Company and Nikola Effect the Nikola Merger.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. On July 30, 2022, the Company, Nikola, and J Purchaser Corp. ("Acquisition Sub") (a wholly owned subsidiary of Nikola) executed a merger agreement that contemplated Nikola acquiring all outstanding shares of Romeo Power in an all-stock transaction.<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. The merger agreement contemplated a two-step acquisition. In the first step, Nikola would commence an exchange offer for any and all outstanding shares of Romeo Power in exchange for shares of common stock of Nikola at an exchange ratio of 0.1186 (the "Exchange Ratio"). In the second step, the Company and Nikola would effect a merger of Acquisition Sub with and into the Company, resulting in the holders of the Company's common stock receiving shares of Nikola's common stock at the Exchange Ratio. Ultimately, the Exchange Ratio resulted in the Company's stockholders receiving over 4.5% of Nikola's outstanding shares post-transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. In the first step exchange offer, a total of 93,157,857 shares of the Company's common stock, representing 50.1% of the Company's issued and outstanding capital stock, were tendered by Romeo Power stockholders to Nikola.

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<sup>8</sup> *See* Romeo Power, Inc. Form 8-K (August 1, 2022), available at <u>https://www.sec.gov/ix?doc=/Archives/edgar/data/0001757932/0001104659 22084779/tm2222249d1_8k.htm</u>.

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*See* Ex. F (Nikola Corp., Form 8-K, Oct. 17, 2022). Once Nikola acquired a majority of Romeo Power's outstanding stock, the second step merger was then consummated pursuant to Section 251(h) of the Delaware General Corporation Law without a formal vote of Romeo Power's stockholders. *Id.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. On October 14, 2022, the Company, believing that the Nikola Merger had been validly approved, filed a Certificate of Merger, to which a Third Amended and Restated Certificate of Incorporation (the "Third Amended Charter") was attached, thereby effecting the Nikola Merger and amending and restating the Company's certificate of incorporation as the Third Amended Charter. *See* Ex. G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. In light of the issues raised by *Boxed*, however, the validity of the Nikola Merger would be in question if the Company did not validly adopt the Second Amended Charter and thereby increase its authorized shares of common stock. For instance, because the second step of the merger was approved once Nikola obtained 50.1% percent of the Company's common stock, that second step could be invalidated if the shares it held were not all validly issued in light of the technical defects identified in *Boxed*.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Accordingly, the relief that Petitioners seek under Section 205 includes the validation of the Certificate of Merger, including the Nikola Merger effected thereby<sup>9</sup> and the Third Amended Charter attached to the Certificate of Merger, to eliminate any cloud over this third-party merger resulting from the earlier potential failure of Romeo Power to obtain approval of the Second Amended Charter from a majority of the outstanding shares of Class A Common Stock, assuming that vote was required by Section 242(b)(2) of the DGCL.

**<u>CONSIDERATIONS WARRANTING EXPEDITED RELIEF UNDER SECTION 205</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. *Prompt recourse under Section 204 is infeasible*. Petitioners respectfully submit that Section 204 ratification is not practicable because the Company would be required to obtain the vote of the holders of the Company's valid stock under Section 204(d). However, Nikola putatively acquired all the outstanding shares of the Company's common stock in connection with the Nikola Merger, making the holders of the Company's valid common stock impossible to identify. Even if the Nikola Merger had never occurred, it would be nearly impossible for the Company to trace the valid shares that could vote on a Section 204 proposal.

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<sup>9</sup> The Court has previously validated mergers under Section 205. *See Almond for Almond Family 2001 Tr. v. Glenhill Advisors LLC*, 2018 WL 4194705, at \*1 (Del. Ch. Aug. 31, 2018) (Order) (validating third-party merger that occurred four years after allegedly defective reverse stock split). 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. *The Company believed that the Second Amended Charter was validly adopted and that the Nikola Merger was validly approved.* The Company, assisted by reputable counsel, believed that a separate class vote of the Class A Common Stock was not required to amend the First Amended Charter—a conclusion reached by many other SPACs. The Company sought stockholder approval to adopt the Second Amended Charter and subsequently issued stock and securities in good faith reliance thereon. Furthermore, the Company represented that it validly adopted the Second Amended Charter in connection with the Nikola Merger in a good faith belief that it had done so and then filed the Certificate of Merger effecting the Nikola Merger in a good faith belief that the Nikola Merger had been validly approved. At bottom, all the transactions relating to the Business Combination and the Nikola Merger were carried out in a good faith belief that the Second Amended Charter was valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. *The Company and third parties have treated the Second Amended Charter and the Nikola Merger as valid*. The Company and Legacy Romeo relied on the Second Amended Charter and the subsequent issuance of shares as a key part of the Business Combination. Furthermore, third parties have relied on the validity of the Second Amended Charter, including Nikola when it agreed to acquire the Company pursuant to the Nikola Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. *No harm will arise from validation*. The Company is not aware of any harm that will result from the validation of the Second Charter and the Nikola Merger. As reflected by the joint filing of this Petition, both the Company and Nikola support validation. Moreover, validation will place the Company, its former stockholders, and Nikola in the position they have believed they were in following the Business Combination and the Nikola Merger.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. *Significant harm may arise from failure to validate*. The Company, Nikola, and other third parties will be harmed by the failure to validate the Second Amended Charter and the Nikola Merger. Uncertainties as to these matters impacts Nikola's capital structure as over 4.5% of its stock was exchanged in connection with the Nikola Merger. Further, the uncertainty is impacting the Company's ability to obtain an auditor's consent or a 'comfort letter' with respect to its historical financial statements, which in turn may affect Nikola's ability to raise capital, due to the fact that Nikola is required to continue to incorporate the Company's financial statements into any new registration statement filed by Nikola with the Securities and Exchange Commission until Nikola files its Annual Report next year. This could cause market disruption and jeopardize commercial relationships for both the Company and Nikola.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Accordingly, Petitioners respectfully seek this Court's assistance to validate the Second Amended Charter and the Certificate of Merger to prevent potentially irreparable harm to the Company and Nikola's reputations and standing in the marketplace, their commercial relationships, and their employees and Nikola's stockholders.

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**<u>COUNT ONE</u>**

**(Validation Under 8 *Del. C.* § 205)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Petitioners repeat and reiterate the allegations above as if set forth fully herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. The Company and Nikola are each authorized to bring this petition under 8 *Del. C.* § 205(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Because of the potential defects described above, there is uncertainty as to the validity of the Second Amended Charter, the securities issued thereunder, and the validity of the Certificate of Merger and the Nikola Merger effected thereby, each of which is a potentially defective corporate act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. This Court has the authority under Section 205 to: "[d]etermine the validity of any corporate act or transaction and any stock, rights or options to acquire stock," "[v]alidate and declare effective any defective corporate act or putative stock," and "[d]eclare that a defective corporate act validated by the Court shall be effective as of the time of the defective corporate act." 8 *Del. C.* § 205(a)(4), b(2), b(8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Relief under Section 204 is not as practicable a remedy as validation under Section 205.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. The Company effected the Second Amended Charter, and filed the Certificate of Merger effecting the Nikola Merger and amending and restating its certificate of incorporation as the Third Amended Charter with a good faith belief that each act was valid.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. The Company has treated the Second Amended Charter as valid and, among other things, issued securities in reliance thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. On information and belief, market participants and other third parties, including Nikola, have relied on the validity of the Second Amended Charter and the effectiveness of the Nikola Merger, and no persons would be harmed by the validation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. The Company and Nikola as its sole stockholder will be irreparably harmed absent relief from this Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. The Company has no adequate remedy at law.

**<u>PRAYER FOR RELIEF</u>**

WHEREFORE, Petitioners respectfully request that this Court enter a proposed Final Order Granting Relief Under 8 *Del. C.* § 205 in the form attached hereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Validating and declaring effective the Second Amended Charter enacting the Charter Proposals and all amendments
effected thereby, retroactive to the date of its filing with the Delaware Secretary of State on December 29, 2020;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Validating and declaring effective any securities issued in reliance on the Second Amended Charter, effective
as of the original date of issuance of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Validating and declaring effective the Certificate of Merger of J Purchaser Corp. with and into Romeo Power,
including the merger effected thereby and the Third Amended and Restated Certificate of Incorporation (and all amendments effected thereby) attached to such Certificate of Merger, retroactive to the date of the filing of the Certificate of Merger
with the Delaware Secretary of State on October 14, 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Granting such other and further relief as this Court deems proper.

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| |
|:---|
| MORRIS, NICHOLS, ARSHT |
| & TUNNELL LLP |
| */s/ Thomas P. Will* |
| Thomas P. Will (#6086) |
| Grant E. Michl (#7088) 1201 N. Market Street |
| Wilmington, DE 19801 |
| (302) 658-9200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Attorneys for Petitioners Romeo Power, Inc. and Nikola Corporation* |

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March 16, 2023