VectoIQ Acquisition Corp. announced that it closed its initial public offering of 20,000,000 units at a price of $10.00 per unit, resulting in gross proceeds of $200,000,000, before deducting underwriting discounts and commissions and other offering expense payable by the Company.

The Company's units began trading on the Nasdaq Capital Market ("Nasdaq") under the ticker symbol "VTIQU" on May 16, 2018. Each unit consists of one share of the Company's common stock and one redeemable warrant. Each warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Company expects that its common stock and warrants will be listed on Nasdaq under the symbols ''VTIQ'' and ''VTIQW,'' respectively.

The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or similar business combination with one or more businesses. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic region, although it intends to focus its search for a target business in the industrial technology, transportation and smart mobility industries. The proceeds of the offering will be used to fund such a business combination.

Cowen and Chardan acted as the joint book running managers. The Company has granted the underwriters a 45-day option to purchase up to 3,000,000 additional units at the initial public offering price to cover over-allotments, if any.