Nikola Corporation NKLA shares are lower Tuesday. The stock appears to be moving on continued downward momentum with NKLA shares falling more than 40% over the last month.
What To Know:
Nikola announced an agreement to sell up to $325 million of senior convertible notes and closed on approximately $125 million on Monday. The company said that it expects approximately $124.5 million of net proceeds from the offering.
Nikola has faced several headwinds recently including deep price reductions from the EV industry leader, Tesla, Inc. TSLA.
Nikola reported a fire at its headquarters in July and a subsequent voluntary recall of 209 of its Class 8 Tre battery-electric vehicles due to a coolant leak within the vehicle battery pack. The coolant leak was also found to be the probable cause of the fire at Nikola headquarters.
Nikola has placed a temporary hold on new BEV sales until resolution is determined.
Related News: Why Tesla Stock Is Higher Today
NKLA Price Action: According to Benzinga Pro, NKLA shares are down by 7.28% at $1.40 at the time of publication.
Image: Courtesy of Nikola Corporation
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