Nikola SPAC Presentation Deck

PROPOSED TRANSACTION OVERVIEW ● ● ● TRANSACTION STRUCTURE ● On March 2, 2020, Nikola and VectolQ agreed to enter into a business combination ● It is anticipated that the post-closing company will be a Delaware corporation, retain the Nikola name, and be listed on the NASDAQ The transaction is expected to close in Q2 2020 VALUATION Transaction implies a fully diluted pro forma enterprise value of $3.3 billion (~1.0x based on 2024E revenue of ~$3.2 billion) Existing Nikola shareholders expected to receive 79.6% of the pro forma equity and $70 million cash (1) CAPITAL STRUCTURE The transaction will be funded by a combination of VectolQ cash held in a trust account, VectolQ common stock, and proceeds from VectoIQ PIPE Transaction will result in $709 million cash on the balance sheet to fund growth (2) 1. Including Series D investors. Excluding potential dilution from out-of-the-money VectolQ warrants. Assumes no redemptions by VectolQ's existing public shareholders 2. Based on $237 million cash in trust, $67 million cash from Nikola balance sheet, 52.5 million shares at $10/share PIPE ($525 million) less $50 million transaction expenses and $70 million cash to seller. Assumes no redemptions by VectolQ's existing public shareholders 6

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