What's Going On With Nikola Stock?

Nikola Corp NKLA shares are bouncing around Wednesday after the company filed for the resale of up to 10.27 million shares by selling stockholders.

What To Know: In a new regulatory filing, Nikola said stockholders may resale up to 10.27 million shares of its common stock from time to time consisting of shares issued upon note conversions. Nikola will not receive any proceeds from the sales.

On Monday, Nikola announced an agreement to sell up to $325 million in aggregate principal amount of senior convertible notes in a registered direct offering. The company said it expects to generate net proceeds of approximately $124.5 million.

Nikola shares are down approximately 34% year-to-date and more than 76% over the last year. The stock has seen increased selling pressure over the last month or so after a fire near its headquarters ultimately led to a voluntary recall of more than 200 vehicles. The company said it was placing a temporary hold on new BEV sales until the issues were resolved. 

See Also: Tesla Stock Is Sliding Today: What's Going On?

NKLA Price Action: Nikola shares are down approximately 26% over the last five trading sessions. The stock was moving around Wednesday morning, but was trading flat at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.