On April 11, 2024, M&M Residual LLC announced that it has withdrawn its nomination of 5 candidates for election to the board of directors of Nikola Corporation at its upcoming 2024 Annual Meeting of Stockholders. In addition, M&M Residual stated that it has delivered the nomination because it believed it was critical to bring much-needed change to the Company through a reconstitution of the Board, it continue to believe that Company?s employees are incredible and deserve honest, capable and visionary leadership, and it felt that the nomination was the best chance to give the Company the ability to thrive and prosper. Further, M&M Residual stated that it believes the Company initiated the Arizona Lawsuit to intimidate its nominees and thwart the lawful exercise of stockholder rights, therefore decided to withdraw the Nomination and pursue alternative methods to hold the directors and officers of the Company accountable, including through the initiation of independent litigation.

Furthermore, M&M Residual stated that it has withdrawn the Nomination and no longer intend to solicit Company stockholders with respect to the Annual Meeting, and its previous group has been dissolved.