Tumim Stone Capital

How dire are electric truck maker Nikola’s finances?

Nikola Corp. maintains it has enough liquidity to fund the next year of building electric trucks and developing a hydrogen fueling business. But its auditor disagrees, leading to the company’s notice of going concern with the Securities and Exchange Commission.

“If capital is not available to the company when, and in the amounts needed, the company could be required to delay, scale back, or abandon some or all of its development programs and operations, which could materially harm the company’s...

https://www.freightwaves.com/news/how-dire-are-electric-truck-maker-nikolas-finances

Nikola cuts deal for $200M through sale of senior debt

Nikola workers move battery pack into place for Nikola electric truck.

Nikola Corp. cut a deal for $200 million in cash with an investor, offering convertible notes that can be paid off in cash or discounted shares. The startup is rounding up new money for the production ramp of electric trucks at a new plant where it provided tours last week.

The startup also tapped an equity line of credit with Tumim Stone Capital for an additional $196 million. It exchanged about 28.8 million new shares of stock. That would be the proceeds based on Monday’s $7 closing price of...

https://www.freightwaves.com/news/nikola-cuts-deal-for-200m-through-sale-of-senior-debt

Cash-strapped Nikola expands equity-for-credit line to $600M

Electric truck startup Nikola Corp. is doubling the size of its stock-for-credit line with a private lender to $600 million, enough credit to ramp up production through 2022, the company said Monday.

Nikola (NASDAQ: NKLA) will sell up to $300 million shares to Tumim Stone Capital at a 3% discount and make an up front payment of  252,040 shares worth $3,011,878 at Monday’s closing price of $11.95. The 75 basis points up front and the discount are the same as the terms of the first $300 million...

https://www.freightwaves.com/news/cash-strapped-nikola-expands-equity-for-credit-line-to-600m

Nikola goes private to raise up to $300M in new money

Nikola Corp. (NASDAQ: NKLA) will sell up to $300 million in new shares to investment banker Tumim Stone Capital, bypassing a public offering for new money to keep electric truck and hydrogen fueling station production on track.

Nikola filed an S-1 in May with the Securities and Exchange Commission declaring its intent to sell at least $100 million in new shares on top of the 396 million outstanding.

In an 8-K filing with the SEC last Friday, Nikola said it issued 155,703 new shares that Tumim...

https://www.freightwaves.com/news/nikola-goes-private-to-raise-up-to-300m-in-new-money