Why Nikola Stock Crashed 10% This Morning [Yahoo! Finance]
Nikola Corporation (NKLA)
Company Research
Source: Yahoo! Finance
The fuel cell-powered truckmaker filed a form S-3 with the Securities and Exchange Commission (SEC) this morning, describing its plan to raise $500 million through issuances of new debt, convertible debt, and shares in the company. Investors don't seem thrilled with the idea, however, and as of 10:10 a.m. ET, Nikola stock is still down 8.3%. What is Nikola stock doing today? Nikola is starting small (ish). In an explanatory 8-K filing, the company described how it will begin with an $80 million sale of convertible notes , then sell up to $80 million more over the next 18 months if its investors consent. That's only $160 million so far, but the company's S-3 filing shows it is seeking permission to expand its cash-raising activities with a "universal shelf" value of up to $500 million eventually. And here's the thing: Nikola Corporation's entire market capitalization currently sits well below million. So, essentially, what Nikola has said today is that it intends to raise so
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NKLA
Earnings
- 5/7/24 - Miss
NKLA
Sec Filings
- 9/6/24 - Form 4
- 9/6/24 - Form 4
- 9/6/24 - Form 4
- NKLA's page on the SEC website