Nikola SPAC Presentation Deck
PRO FORMA EQUITY
OWNERSHIP
SM, EXCEPT SHARE AND PER SHARE DATA
SOURCES
VectolQ Shares
Estimated Cash Held in Trust(1)
Estimated Cash Contributed from Balance Sheet(2)
Proceeds from PIPE (3)
Total Sources
USES
Equity Consideration to Nikola Existing Investors(4)
Cash to Seller
Cash to Balance Sheet
Estimated Payment of Transaction Expenses
Total Uses
$3,207
$237
$67
$525
$4,036
$3,207
$70
$709
$50
$4,036
PRO FORMA VALUATION
Share Price
PF Shares Outstanding (5)(6)
Equity Value
Plus: Debt
Less: Cash
Enterprise Value
ILLUSTRATIVE PRO FORMA OWNERSHIP(5)(6)
VectolQ Public
Shareholders
5.7%, 23.0M Shares
Shares from PIPE
13.0%, 52.5M Shares
$10.00
402.9
$4,029
$4
($709)
$3,324
VectolQ Sponsor
Shareholders
1.6%, 6.6M Shares
O
Note: The sources and uses of funds presented herein are forward-looking statements and reflect the Company's current plans and expectations regarding financing for the business combination. The Company may elect
to obtain additional financing, including the sale of additional debt or equity, or alternative financing on different terms in connection with the business combination in which case the information presented herein may
change. Pro forma figures include the run-rate contribution of recent acquisitions and public company cost assumptions. Due to rounding, numbers presented may not add up precisely to the totals indicated.
1.
As of 1/5/2019. Assumes no redemption by VectolQ's existing public shareholders. Actual results in connection with the business combination may differ
2. Assumes all cash associated with Series D investment has been received prior to closing
3.
Assumes 52.5M shares are issued at $10.00 per share
4.
Rollover equity shares include shares issued to series D investors
5.
Pro forma share count includes 23.0 million VectolQ public common shares, 6.6 million VectolQ Sponsor shares, 52.5 million shares from PIPE, and 320.7 million shares issued to Nikola existing shareholders;
shares issued to Nikola shareholders is based on latest Series D raise amount of $277M and is subject to change if incremental Series D investment is raised prior to closing. Assumes no redemptions by
VectolQ's existing public shareholders
6.
Pro forma ownership table excludes the impact of all out-of-the-money VectolQ warrants
Existing Nikola
Equity Rollover (4)
79.6%, 320.7M Shares
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