Nikola Mergers and Acquisitions Presentation Deck

3 PAGE NIKOLA TRANSACTION OVERVIEW Nikola's acquisition of Romeo Power ("Romeo") will bring battery pack engineering and production in-house, securing control of a critical component supply, streamlining manufacturing and reducing costs NIKOLA O ROMEO POWER • Nikola to acquire Romeo for $144mm in Equity Value, or $0.74 per share in stock Represents a 34% premium to Romeo's July 29, 2022 closing share price Romeo stockholders will receive 0.1186 of a share of Nikola common stock for each Romeo share, owning 4.5% of the company on a pro forma basis Nikola to provide interim liquidity support of $35mm(1) through closing(2) to facilitate continued operations 1)Liquidity support includes $15mm in senior secured notes, plus up to $20mm for pack delivery incentive (temporary price increase for each pack delivered through transaction close). 2) Closing expected by end of October 2022, subject to a minimum tender of a majority of Romeo shares in the exchange offer and other customary conditions, including regulatory approval

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