Shares of VectoIQ Acquisition (NASDAQ:VTIQ) were up on Tuesday, as the stock continued to gain momentum ahead of an expected merger with electric-semi maker Nikola Motor next month.
As of 12:45 p.m. EDT, VectoIQ's shares were up about 11.2% from Friday's closing price.
There's no big news to report, aside from the news that everyone watching this stock probably knows: The company's proposed merger with Nikola appears to be on track for approval at the special meeting of shareholders set for June 2. That said, VectoIQ did issue a press release this morning, in which it reminded its shareholders to vote and return their proxy cards before the meeting.
That's not exactly market-moving stuff, but this company's shares don't seem to need much to get rolling. Even with some dramatic volatility, VectoIQ's share price has more than doubled since the beginning of May.
Why the big run? As some auto investors see it, this is a chance to get in early on a stock that might become the next Tesla (NASDAQ:TSLA). Nikola has over 14,000 preorders for its all-electric tractor-trailer trucks, which it plans to begin producing next year.
All eyes will be on VectoIQ at 11 a.m. EDT on June 2, when the company holds the special meeting of shareholders to vote on the proposed merger. Assuming it passes (which seems very likely as of now), the company's name will change to Nikola Corporation and its ticker symbol to NKLA.
And after that? We'll find out soon.