Nikola’s shares closed on Friday at $1.21, down over 13%.
Even with the discount, there appears to have been very limited interest in the shares on Wall Street. Nikola’s underwriter, Citigroup, was only able to place about a third of the shares with its clients. An unnamed private investor has agreed to buy the remainder directly from Nikola, the truck maker said.
Nikola plans to use the money raised for working capital and other general purposes. The company is preparing to launch a new long-range electric semitruck powered by hydrogen fuel cells later this year. The new truck will complement Nikola’s shorter-range Tre battery-electric heavy truck, which began shipping last year.