Stock Nikola strikes second deal with Tumim Stone Capital to...

Nikola strikes second deal with Tumim Stone Capital to sell $300 million stock

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Stock Markets15 minutes ago (Sep 27, 2021 09:06AM ET)

(C) Reuters. FILE PHOTO: U.S. Nikola’s logo is pictured at an event held to present CNH’s new full-electric and Hydrogen fuel-cell battery trucks in partnership with U.S. Nikola event in Turin, Italy, December 3, 2019. REUTERS/Massimo Pinca

(Reuters) – Electric truck maker Nikola Corp said on Monday it had entered into another deal with Tumim Stone Capital to sell $300 million of its stock, taking the total to up to $600 million.

Phoenix, Arizona-based Nikola entered into a share deal with Tumim, according to a filing earlier in June. Under the agreement, Tumim had committed to purchase up to $300 million of Nikola’s common stock.

Since entering into the first agreement, Nikola has issued nearly $47 million of common stock to Tumim.

New York-based investor 3i (LON:III) is the manager and general partner of Tumim Stone Capital.

“The equity lines with Tumim, together with estimated cash and cash equivalents, will provide Nikola with access to approximately $800 million of liquidity at the end of 2021,” Nikola Chief Executive Officer Mark Russell said in a statement.

Shares of Nikola were down nearly 1.5% in premarket trading on Monday.

Nikola strikes second deal with Tumim Stone Capital to sell $300 million stock

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