Nikola Corp NKLA shares are trading lower by 8.3% to $1.21 Thursday morning. The stock is falling on downward momentum after earlier this week Nikola announced a registered direct offering of senior convertible notes worth up to $325 million. Nikola expects net proceeds of around $124.5 million.
The company also indicated in a recent regulatory filing that these stockholders may resell the mentioned shares, which are derived from note conversions. Nikola itself will not receive any proceeds from these sales.
Nikola shares down roughly 50% over the trailing month, with much of the selling pressure coming after a nearby fire led to the voluntary recall of over 200 vehicles, prompting a temporary halt on new BEV sales as the issues are addressed.
According to data from Benzinga Pro, NKLA has a 52-week high of $6.35 and a 52-week low of $0.52.
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