Nikola Mergers and Acquisitions Presentation Deck

PAGE NIKOLA TRANSACTION SUMMARY TRANSACTION TERMS/ CONSIDERATION • 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 Each share of Romeo stock will receive 0.1186 of a share of Nikola common stock Romeo stockholders will own 4.5% of the pro forma company . ● INTERIM LIQUIDITY SUPPORT DETAILS Nikola will provide Romeo with interim funding to facilitate continued operations through closing: $15mm in senior secured notes, plus up to $20mm for pack delivery incentive (temporary price increase for each pack delivered through transaction close)(¹) Additional liquidity support is available in case transaction closing is delayed TIMING / APPROVALS • Nikola and Romeo's Boards of Directors have approved this transaction Nikola will launch an exchange offer as promptly as practicable Expected to close by end of October 2022, subject to a minimum tender of a majority of Romeo outstanding shares in the exchange offer and other customary conditions, including regulatory approval COST SAVINGS • Expected to reduce non-cell related battery pack costs by 30-40% by the end of 2023 Expected annual cost savings of up to $350mm by 2026 1) If Romeo does not obtain the planned price relief due to production shortfalls, it will have the ability to incrementally increase the amount of the senior facility if desired, up to a maximum of $20mm.

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