Nikola Announces Extension of Exchange Offer to Acquire Romeo Power Common Stock

Under the terms of the merger agreement, Romeo stockholders will receive 0.1186 of a share of Nikola common stock for each Romeo share, representing an equity value of approximately 4.5% pro forma ownership of Nikola. On August 29, 2022, Nikola commenced, through a wholly-owned subsidiary, an exchange offer to purchase all outstanding shares of common stock of Romeo. A minimum of 50.1% of outstanding Romeo common stock must be validly tendered for the Offer to be completed, or approximately 22.96 million additional shares. If less than a majority of the outstanding shares of Romeo common stock are tendered, the Offer cannot be completed by Nikola. ROMEO STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS (AS THEY MAY BE AMENDED FROM TIME TO TIME) CAREFULLY BECAUSE THEY CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF ROMEO COMMON STOCK SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING EXCHANGING THEIR COMMON STOCK.