04:18 PM EDT, 08/19/2024 (MT Newswires) -- Nikola's ( NKLA ) shares were down 9.4% at market close Monday after the company said it entered into a purchase agreement with investors for the sale of up to $160 million of senior notes that are convertible into its common shares.

The net proceeds from the initial $80 million sale are estimated to be $74.3 million, after accounting for estimated expenses, the company said.

Separately, Nikola ( NKLA ) also filed a registration statement with the US Securities and Exchange Commission for the potential sale of up to $500 million of its securities from time to time in one or more offerings.

The filing covers debt securities, common and preferred shares, depositary shares, warrants, and rights.

The company plans to use the net proceeds for general corporate purposes.