Inclusive Capital Spring Fund Sells Portion of NKLA Shares--Remains Largest Position in the Fund

SAN FRANCISCO, Aug. 13, 2020 /PRNewswire/ -- Inclusive Capital Partners ("In-Cap") successfully completed the transition of the management of the Inclusive Capital Spring Fund ("Spring Fund") from Value Act Capital, at the close of business on July 31, 2020. As a result, In-Cap has now assumed the active management of the existing Spring Fund investments.

On Tuesday, August 11, 2020, the Spring Fund sold 1.4M shares of Nikola Corp. in the open market, solely for portfolio management reasons. Regarding the sale, In-Cap's Jeff Ubben commented, "We have been captivated by Trevor Milton's vision since we reached out to the company in 2017. The Nikola team is executing on a business model that accelerates the hydrogen economy – funding the build out of hydrogen stations with fuel cell trucks paid for on a per mile basis. We see tremendous value in this first mover hydrogen network, to achieve zero emission transportation and to support the renewable build out of the grid with long duration storage."

Ubben continued, "The Spring Fund acquired a large position in 2019, becoming the company's first financial investor. The Nikola position has appreciated to the extent we needed to sell some shares to stay within Spring Fund's internal position limit policy. We reduced our position by 7% in the trading window that opened following Nikola's earnings. We continue to own more than 5% of the company and expect to remain a significant long-term shareholder."

About Inclusive Capital Partners:

Inclusive Capital Partners was formed in 2020 by a team of experienced investors with a shared passion for positively leveraging capitalism and governance in pursuit of a healthy planet and the health of its inhabitants. Based in San Francisco, the investment firm seeks long-term shareholder value through active partnership with companies whose core businesses contribute solutions to this pursuit. 

About Nikola Corporation:

Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce as we know it today. Founded in 2015, Nikola Corporation is headquartered in Phoenix, Arizona. For more information, visit www.nikolamotor.com or Twitter @nikolamotor.

SOURCE Inclusive Capital Partners

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