Nikola looks to sell more shares
The zero-emission truck-maker Nikola apparently wants to issue 200 million ordinary shares to raise 1.5 billion dollars. Among other things, the money is to be used to implement the second phase of the plant in Coolidge, Arizona.
The company also stated that it could use the proceeds from the share sales for acquisitions – but no concrete takeover targets were named. The plan will apparently be voted on at the AGM in June.
Nikola could use it to raise capital to complete construction at Coolidge, for example. However, the plan is unlikely to go down well with existing investors, as issuing more shares would dilute their stake in the company. In order to keep the shareholding constant, investors would have to put money in their hands again and strike at the share issue.
Nikola delivered the first units of the Nikola Tre battery-electric truck in December 2021. In February, it was announced that former Opel and briefly VinFast boss Michael Lohscheller had joined Nikola Motor as president. In this role, Lohscheller is responsible for scaling Nikola’s global truck business.