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


© 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.

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