Nikola Proclaims Secondary Inventory Providing

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Nikola Corp. plans to lift $100 million from a secondary inventory providing to the general public at $1.12 per share, the corporate introduced March 30.

The Phoenix-based electrical heavy-duty truck maker intends to make use of the online proceeds from the general public providing for working capital and different common company functions.

The brand new inventory consists of the general public providing in addition to a concurrent registered direct providing to an unnamed investor. Citigroup is appearing as the only book-running supervisor for the proposed public providing.

Nikola plans to promote 29,910,715 shares of widespread inventory to the general public within the public providing and 59,374,999 shares of widespread inventory within the concurrent registered direct providing pursuant to a ahead inventory buy settlement.

The general public providing is topic to customary closing circumstances however is anticipated to shut on or about April 4. The concurrent registered direct providing is anticipated to shut on or about April 11. The general public providing and concurrent registered direct providing aren’t conditioned on the closing of the opposite.

The corporate has granted the underwriter a 30-day choice to buy as much as an extra 4,486,607 shares of its widespread inventory on the public providing worth apart from underwriting reductions and commissions.

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