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Benzinga
Benzinga
Business
Akanksha Bakshi

Why Nikola Shares Are Trading Lower Today

Nikola NKLA Nasdaq Nikola Corp Hydrogen
  • Nikola Corp (NASDAQ:NKLA) disclosed that an institutional investor has agreed to make a $200 million investment by purchasing Convertible Senior Notes.
  • Funds advised by Antara Capital LP have agreed to purchase a $200 million aggregate amount of Convertible Senior Notes due 2026.
  • The Notes will bear interest at a rate of 8.00% if paid in cash or at 11.00% through the issuance of additional Notes at the company's election. The Notes will mature on May 31, 2026.
  • Nikola intends to use the net proceeds and its other liquidity sources for business expansion in the form of scaling truck manufacturing and tooling setup, accelerating the development of its hydrogen infrastructure, and general corporate purposes.
  • Price Action: NKLA shares are trading lower by 5.08% at $6.82 on the last check Monday.
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