Nikola to Offer $100M Stock Offering

Electric heavy-truck maker Nikola ($NKLA@US) announced on Thursday that it plans to raise $100 million through a secondary stock offering to the public, with Citigroup ($C@US) underwriting. Citigroup will have the option to purchase an additional $15 million worth of shares. If the public offering falls short of $100 million, an investor has agreed to buy the remainder at the public offering price. Nikola produced 258 electric semi-trucks in 2022 and plans to ramp up production in 2023. They aim to build between 250 and 350 battery-electric semis and 125 to 150 fuel-cell-powered trucks, which will have a longer range than the battery-electric versions. The company’s shares were down about 5% in after-hours trading following the news.