Nikola Corporation (NASDAQ:NKLA) shares are trading lower by 10% at $15.50 after the company on Monday entered a purchase and registration rights agreement with Tumim Stone Capital for the sale of up to $300 million of common stock.
Nikola Corporation designs and manufactures battery-electric and hydrogen-electric vehicles. Nikola operates in two business units, Truck and Energy.
The Truck business unit develops and commercializes battery electric vehicles, hydrogen fuel cell electric vehicles, vehicle components and class 8 trucks that provide solutions to the short-haul, medium-haul and long-haul trucking sectors.
The Energy business unit focuses on developing and constructing a network of hydrogen fueling stations for its fuel-cell electric customers.
