Nikola Corporation, an innovator in zero-emissions transportation and energy infrastructure solutions, has announced the offering of $80,000,000 aggregate principal amount of Series B-1 Senior Convertible Notes due 2025. The offering price is set at $1,000 per $1,000 principal amount of notes. These notes will bear interest at a rate of 5% per annum, payable in arrears on the first calendar day of each calendar quarter starting October 1, 2024. Interest will not be paid in cash but will be capitalized by adding the accrued interest to the outstanding principal of the Notes. In the event of a default, the interest rate will increase to 12.5% per annum. The Notes are convertible at any time, in whole or in part, at the option of the holders into shares...Show More

Nikola Corporation, an innovator in zero-emissions transportation and energy infrastructure solutions, has announced the offering of $80,000,000 aggregate principal amount of Series B-1 Senior Convertible Notes due 2025. The offering price is set at $1,000 per $1,000 principal amount of notes. These notes will bear interest at a rate of 5% per annum, payable in arrears on the first calendar day of each calendar quarter starting October 1, 2024. Interest will not be paid in cash but will be capitalized by adding the accrued interest to the outstanding principal of the Notes. In the event of a default, the interest rate will increase to 12.5% per annum. The Notes are convertible at any time, in whole or in part, at the option of the holders into shares of Nikola's common stock, which is listed on The Nasdaq Global Select Market under the symbol 'NKLA.' The conversion price is subject to customary adjustments. The Notes are being sold pursuant to a securities purchase agreement dated August 19, 2024, and are issued under a third supplemental indenture dated the same day. The offering is part of a larger potential $160,000,000 offering, with the ability to issue additional notes at future closings. The proceeds from the offering are intended for general corporate purposes, including working capital and potential acquisitions or investments in complementary businesses or technologies.