Nikola Corp ( NKLA ) shares are trading marginally lower by 3.42% to $1.56 during Monday’s session. The company earlier announced it entered into an Equity Distribution Agreement with BTIG to sell up to $100 million of its common stock through an at-the-market offering.

What Else: The company will pay BTIG a 2.5% commission on gross proceeds, with the agreement allowing for suspension or termination by either party without liability. The shares will be sold under Nikola’s shelf registration statement filed with the SEC.

In a separate financial update, Nikola ( NKLA ) raised $65 million through the sale of common stock to holders of its convertible senior PIK toggle notes. From December 3, 2024, to January 31, 2025, a temporary conversion rate for these notes will allow the issuance of up to 48.1 million shares, higher than post-January 2025 levels.

Additionally, Nikola ( NKLA ) has fully repaid $39.4 million in Series B-1 Senior Convertible Notes due 2025 and terminated related agreements. The company also canceled certain hydrogen take-or-pay agreements, significantly reducing potential contingent liabilities.

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