Nikola secures common stock purchase agreement with Tumim
By Bradley Osborne - 4th October 2021
USA – Nikola Corporation, a designer of zero-emission commercial vehicle concepts based in Phoenix, Arizona, agreed a common stock equity line purchase agreement with Tumim Stone Capital LLC of New York City. It is the second such agreement between the two companies, providing Nikola the right to issue and sell up to USD600m of its common stock in aggregate to Tumim.
Since the first agreement was struck in June 2021, Nikola has issued approximately USD47m of common stock to Tumim. However, Nikola still considers the broader capital markets to be its principal source of funding. Nikola has issued 252,040 shares of common stock to Tumim as consideration for what it calls its “irrevocable commitment” to the company.
