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  "authorId": "nikola",
  "authorName": "Nikola",
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  "presentationDate": "2020-04-01 00:00:00",
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  "pageNumber": 33,
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  "notes": "Slide 33 of the Nikola/VectolQ investor presentation.",
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      "text": "CAPITAL STRUCTURE: The transaction will be funded by a combination of VectolQ cash held in a trust account, VectolQ common stock, and proceeds from VectolQ PIPE. Transaction will result in $709 million cash on the balance sheet to fund growth.",
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      "text": "TRANSACTION STRUCTURE: On March 2, 2020, Nikola and VectolQ agreed to enter into a business combination. The transaction is expected to close in Q2 2020. It is anticipated that the post-closing company will be a Delaware corporation, retain the Nikola name, and be listed on the NASDAQ.",
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      "text": "VALUATION: Transaction implies a fully diluted pro forma enterprise value of ~$3.3 billion (~1.0x based on 2024E revenue of ~$3.2 billion). Existing Nikola shareholders expected to receive 79.6% of the pro forma equity and $70 million cash.",
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      "text": "1. Including Series D investors. Excluding potential dilution from out-of-the-money VectolQ warrants. Assumes no redemptions by VectolQ's existing public shareholders. 2. Based on $237 million cash in trust, $67 million cash from Nikola balance sheet, 52.5 million shares at $10/share PIPE ($525 million) less $50 million transaction expenses and $70 million cash to seller. Assumes no redemptions by VectolQ's existing public shareholders.",
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      "text": "PROPOSED TRANSACTION OVERVIEW",
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