Analysts downgraded the stock to “neutral” from “buy.”
Nikola said late Thursday it will sell about 29.9 million shares in a public offering and 59.4 million shares to hedge fund Antara Capital, an existing holder of the company’s convertible bonds.
Shares of the EV startup, based in Phoenix, were down as much as 18% at $1.15, its biggest one-day decline since January 2021.
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