Nikola's $100M Stock Offering Causes Share Price Drop.

Nikola Corporation has announced a public offering of up to $100 million of shares of its common stock, with Citigroup acting as the sole book-running manager. The underwriter has been granted a 30-day option to purchase up to an additional $15 million of shares of common stock at the public offering price. Concurrently, Nikola has entered into a forward stock purchase agreement with an investor to purchase up to $100 million of shares of common stock in a concurrent registered direct offering at the public offering price. The net proceeds will be used for working capital and other general corporate purposes.