Nikola failed to get enough investors to vote on a proposal that would allow the beleaguered electric truck company to issue more shares \u2014 and, in turn, raise more capital.<\/p>\n

Nikola adjourned its annual meeting of shareholders Wednesday until July 6 in an attempt to secure the requisite number of votes needed to add shares to the marketplace. Nikola needs to secure more than 50% of all outstanding shares to vote in favor of the proposal, which is a higher bar than other proposals would need to reach.<\/p>\n

The failure comes at a pivotal time for the company. Nikola said it\u2019s only weeks away from the initial commercial production of its hydrogen fuel cell electric truck. Without the approval of this proposal, production could be delayed or scrapped, the company said in a statement.<\/p>\n