Nikola strikes second deal with Tumim Stone Capital to sell $300 million stock
Reuters
Published Sep 27, 2021 09:03AM ET
(Reuters) - Electric truck maker Nikola Corp said on Monday it had entered into another deal with Tumim Stone Capital to sell $300 million of its stock, taking the total to up to $600 million.
Phoenix, Arizona-based Nikola entered into a share deal with Tumim, according to a filing earlier in June. Under the agreement, Tumim had committed to purchase up to $300 million of Nikola's common stock.
Since entering into the first agreement, Nikola has issued nearly $47 million of common stock to Tumim.
New York-based investor 3i (LON:III) is the manager and general partner of Tumim Stone Capital.
"The equity lines with Tumim, together with estimated cash and cash equivalents, will provide Nikola with access to approximately $800 million of liquidity at the end of 2021," Nikola Chief Executive Officer Mark Russell said in a statement.
Shares of Nikola were down nearly 1.5% in premarket trading on Monday.
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Written By: Reuters
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