Nikola Announces Secondary Stock Offering

The Stock Is Offered to the Public at $1.12 per Share
Nikola Tre BEV
Nikola Tre BEV by Nikola Corp.

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Nikola Corp. plans to raise $100 million from a secondary stock offering to the public at $1.12 per share, the company announced March 30.

The Phoenix-based electric heavy-duty truck maker intends to use the net proceeds from the public offering for working capital and other general corporate purposes.

The new stock includes the public offering as well as a concurrent registered direct offering to an unnamed investor. Citigroup is acting as the sole book-running manager for the proposed public offering.

Nikola plans to sell 29,910,715 shares of common stock to the public in the public offering and 59,374,999 shares of common stock in the concurrent registered direct offering pursuant to a forward stock purchase agreement.

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The public offering is subject to customary closing conditions but is expected to close on or about April 4. The concurrent registered direct offering is expected to close on or about April 11. The public offering and concurrent registered direct offering are not conditioned on the closing of the other.

The company has granted the underwriter a 30-day option to purchase up to an additional 4,486,607 shares of its common stock at the public offering price except for underwriting discounts and commissions.

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