Nikola failed for the second time since June to get sufficient shareholders to vote on a proposal that will permit the EV truck maker to concern extra shares in a bid to lift extra capital.

The corporate stated Thursday it adjourned its annual assembly of shareholders till August 3 when it would strive as soon as extra to draw sufficient shareholders to vote for the measure. The corporate is required to safe greater than 50% of all excellent shares to vote in favor of the proposal.

Nikola didn’t get sufficient votes at its June 7 assembly and pushed the vote to July 6.

This subsequent time could show fruitful for Nikola because of a change in Delaware legislation that’s anticipated to enter impact August 1. Underneath the change, corporations integrated in Delaware that need to enhance the variety of shares would solely must obtain a easy majority of the votes solid. Modification to the present legislation has been accepted by Delaware’s state legislature and is now awaiting Gov. John Carney’s signature.

Nikola stated that had the brand new legislation been in place, its proposal to concern extra shares would have handed.

Nikola is amongst a gaggle of EV and mobility startups that went public through mergers with particular goal acquisition corporations earlier than producing income, by no means thoughts being worthwhile. Many of those, notably Nikola, had been swept up within the meme inventory craze in the course of the pandemic and noticed shares — and market cap — leap into the stratosphere. All of those shares have come crashing again right down to earth, leaving EV SPACs like Nikola scrambling for money.

Nikola has additionally sought methods to scale back prices. In Could, the corporate laid off 270 workers, or about 23% of its workforce, and introduced plans to limit electrical truck efforts to North America. About 150 employees who had been supporting the corporate’s European packages had been laid off. One other 120 workers primarily based on the firm’s Phoenix and Coolidge, Ariz., websites additionally misplaced their jobs. About 900 workers stay.