What's Going On With Nikola Corporation Shares?

Nikola Corporation NKLA shares are trading lower Friday. The stock appears to be moving on continued downward momentum from the last week.

What To Know:

On Thursday, Nikola announced the appointment of Joseph S. Cappello as president of Nikola Energy, effective Sept. 25.

"Having an accomplished energy executive of Joe's caliber join Nikola as President of our Energy division underscores our company's vision and potential, and sets us on a course to advance our hydrogen highway initiatives," said Nikola CEO Steve Girsky.

According to an SEC filing, Nikola will consummate the sale of $40,000,000 in aggregate principal amount of series A-2 senior convertible notes on Friday. The notes will mature on Sept. 22, 2024, and Nikola expects net cash proceeds of $39.8 million from the offering. 

Nikola shares are moving lower on heavy trading volume. According to data from Benzinga Pro, more than 42 million shares have been traded in the session, compared to the stock's 100-day average of 91.384 million shares.

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NKLA Price Action: According to Benzinga Pro, Nikola Corporation shares are down 3% at $1.26 at the time of publication.

Image: Courtesy of Nikola Corporation