Nikola Motor Firm
Supply: Nikola Motor Firm
Electrical heavy-truck maker Nikola stated that its deliberate $100 million secondary stock offering, introduced on Thursday after U.S. markets closed, has priced at $1.12 per share – 20% beneath the inventory’s closing worth of $1.40.
Shares fell greater than 15% on Friday morning, hitting a brand new 52-week low.
Even with the low cost, there seems to have been very restricted curiosity within the shares on Wall Avenue. Nikola’s underwriter, Citigroup, was solely capable of place a few third of the shares with its shoppers. An unnamed personal investor has agreed to purchase the rest immediately from Nikola, the truck maker stated.
Nikola plans to make use of the cash raised for working capital and different basic functions. The corporate is making ready to launch a brand new long-range electrical semitruck powered by hydrogen gas cells later this 12 months. The brand new truck will complement Nikola’s shorter-range Tre battery-electric heavy truck, which started transport final 12 months.
Nikola had $233.4 million in money and equivalents obtainable as of Dec. 31. The truck maker lost $222.1 million within the fourth quarter of 2022.