Nikola Corp. (NKLA), a battery electric vehicle maker, has decided to offer up to $325 million in aggregate principal amount of senior convertible notes, in a registered direct offering to investors, according to a Form 8-K filing with the U.S. Securities and Exchange Commission on Monday. The notes are convertible into the company's shares, $0.0001 par value per share.
Nikola expects to consummate an initial closing for the sale of $125 million of notes on or about August 21. The purchase price for the notes is $1,000 per $1,000 principal amount of notes.
The automaker estimates that the net cash proceeds from offering will be around $124.5 million, after deducting estimated expenses of the offering.
The firm may offer $200 million of notes in the additional closings. The offering is being made by the company directly to the investors, without an underwriter or placement agent.
Each note will accrue interest at a rate of 5 percent per year, payable in arrears on the first calendar day of each calendar quarter, beginning January 1, 2024.
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