On the expected delisting of ordinary shares of Nikola Corporation (NKLA)

The International Trading System Limited (ITS) informs of the forthcoming delisting of ordinary shares of Nikola Corporation (ISIN US6541103031, QI) from The Nasdaq Stock Market LLC (Nasdaq).

Information regarding the QI's status on Nasdaq

On February 21, 2025 Nikola Corporation (the Company) submitted a Current report on Form 8-K to The United States Securities and Exchange Commission (SEC). According to the report, on February 19, 2025 the Company received a written notice from Nasdaq notifying that the Company’s securities will be delisted from Nasdaq due to the following factors: (i) the Bankruptcy Filing and associated public interest concerns raised by it, (ii) concerns regarding the residual equity interest of the existing listed securities holders, and (iii) concerns about the Company’s ability to sustain compliance with all requirements for continued listing on Nasdaq.

According to the notice, the trading of the Company’s common stock on Nasdaq will be suspended at the opening of business on February 26, 2025, and a Form 25-NSE will be filed with the SEC.

The Company does not intend to appeal the Nasdaq’s determination.

Information regarding the actions taken by ITS

ITS will publish separate notices on the procedures undertaken by ITS outlining how trading in these qualified investments will be carried out.

In view of the upcoming trading suspension on Nasdaq, ITS intends to prohibit submission of Orders in respect of the Company’s ordinary shares in the Main Trading Mode and restrict ability to conclude Agreements based on such Orders starting from February 26, 2025.

Following delisting of the Company’s common stock from Nasdaq, ITS will evaluate the situation. In case the Company’s ordinary shares become listed, or admitted to trading on another Recognised Trading Venue, ITS will consider but does not guarantee continuation of trading in the Company’s ordinary shares. Otherwise, ITS will terminate trading in the Company’s ordinary shares.

As a result, February 24 and 25, 2025 will likely become the last trading days for investors to execute trades in the Company’s ordinary shares on ITS before the potential termination of trading. Earlier, ITS informed that starting from February 20, 2025 submission of Orders in respect of the Company’s ordinary shares in the Main Trading Mode and conclusion of Agreements based on such Orders are allowed from 19:30 Astana time.