Overview

• Lucid Motors has acquired Nikola Corporation's Arizona factory, Phoenix headquarters lease, and select equipment for $30 million in cash and non-cash considerations.
• The U.S. Bankruptcy Court for the District of Delaware approved the transaction following a smooth hearing, despite last-minute procedural concerns raised by Trevor Milton's representative.
• Lucid’s acquisition excludes Nikola’s core business operations, customer base, and hydrogen fuel cell technology, focusing solely on physical assets and infrastructure.
• Over 300 former Nikola employees will be offered positions at Lucid’s Arizona facilities, supporting its expansion in manufacturing and development capabilities.
• Trevor Milton, Nikola’s founder, has been accused of attempting to disrupt the bankruptcy proceedings, continuing a contentious relationship with the company.