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Nikola Receives $200 Mln Investment From Antara Capital

Nikola Corp. (NKLA) said that that an institutional investor has agreed to make a $200 million investment in the electric-vehicle startup through the purchase of Convertible Senior Notes.

The company plans to use the net proceeds from the sale of the Notes along with its other liquidity sources for business expansion in the form of scaling truck manufacturing and tooling setup, accelerating the development of its hydrogen infrastructure, as well as for general corporate purposes.

Funds advised by Antara Capital LP agreed to purchase $200 million aggregate amount of 8.00% / 11.00% Convertible Senior Notes due 2026. The Notes will bear interest at a rate of 8.00% if paid in cash, or at a rate of 11.00% through the issuance of additional Notes, at the Company's election.

Upon conversion, Nikola will have the right to settle the Notes in cash, shares, or any combination thereof at its election. The Notes will mature on May 31, 2026, unless redeemed, repurchased, or converted prior to such date.

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