Nikola to raise up to $400 million in stock sale
Reuters
Published Aug 30, 2022 08:46AM ET
(Reuters) - Nikola Corp said on Tuesday it may sell shares to raise up to $400 million, as the electric truck maker looks to ramp up production amid rising costs.
The company, which is grappling with higher labor and raw material costs due to decades-high inflation and the Russia-Ukraine war, said it has no obligation to sell any shares and may stop sales at any time.
Nikola earlier this month received investors' approval to increase the number of authorized shares to 800 million from 600 million after delaying its annual shareholder meeting several times to solicit more proxies in favor of the proposal.
Founder and former Chief Executive Officer Trevor Milton voted against the company's proposal to issue new shares at its first annual shareholder meeting this year, according to a Bloomberg News report.
Nikola said on Tuesday it has signed up Citigroup (NYSE:C) Global Markets as its sales agent.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.