Nikola founder Milton blocks firm’s share sale

Bloomberg

Nikola Corp’s founder and former chair Trevor Milton voted against a proposal by the clean-energy trucking startup that would have authorised new shares to potentially raise capital, throwing the outcome into doubt, according to people familiar with the matter.
Milton’s vote led to the decision to immediately adjourn Nikola’s annual shareholder meeting to June 30 so the company could work on soliciting more proxies in favour of the proposal, the people said, asking not to be identified discussing private information.
An attorney who represents Milton didn’t return calls seeking comment.
Approval requires a majority of outstanding shares.
Milton is Nikola’s single largest shareholder with more than 11% of the stock.