Stock Groups

Nikola strikes second deal with Tumim Stone Capital to sell $300 million stock By Reuters

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO : The logo of U.S. Nikola is seen at the event that was held in Turin to show CNH’s brand new fully-electric and hydrogen fuel-cell truck in partnership with U.S. Nikola. This event took place on December 3rd 2019. REUTERS/Massimo Pinca

(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.

According to filings made earlier in June, Nikola, a Phoenix-based company, entered into a share agreement with Tumim. According to the agreement, Tumim committed to purchasing up to $300,000,000 of Nikola’s stock.

Nikola issued close to $47 million in common stock since the original agreement.

New York-based investor 3i (LON:) 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.

On Monday, Nikola’s shares were almost 1.5% lower in premarket trades.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are provided by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]