Summary by Futu AI
On August 19, 2024, Nikola Corporation entered into a Securities Purchase Agreement with certain investors for the sale of up to $160 million in senior convertible notes, with an initial closing of $80 million expected on the same date. The notes, which are convertible into common stock, are part of a registered direct offering under the company's existing shelf registration statement. The agreement includes provisions for additional closings up to $80 million, subject to investor consent and certain conditions, until the 18-month anniversary of the agreement. Nikola estimates net proceeds of approximately $74.3 million from the initial closing after offering expenses. The notes will accrue interest at 5% per annum, capitalizing quarterly, with an increased rate of 12.5% in the event of default. They are senior unsecured...Show More