NKLA - Nikola launches $100M stock offering shares fall

2023-03-30 16:15:02 ET

• Nikola ( NASDAQ: NKLA ) said Thursday it has commenced an underwritten public offering of its common stock of up to $100.0 million.

• The company said it expects to grant the underwriter a 30-day option to purchase up to an additional $15.0 million of shares of its common stock.

• Concurrently with the public offering, Nikola has entered into a forward stock purchase agreement with an investor, to purchase up to $100.0 million of its shares.

• Nikola said it currently intends to use the net proceeds from the public offering and the concurrent registered direct offering for working capital and other general corporate purposes.

• Citigroup is acting as the sole book-running manager for the proposed public offering.

• Shares -7.1% at $1.30 after hours.

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