Nikola Corp: debt financing — Nikola raises additional $25M in Series B-1 convertible notes; net proceeds ~$24.8M

Nikola Corp

Issued $25M aggregate principal Series B-1 senior convertible notes due March 17, 2024, net proceeds ~$24.8M.
Notes bear 5% annual interest (12.5% upon default), payable in shares/cash at company's option.
Amendment allows use of Permitted Equity Lines with Tumim within three trading days after any note conversion.
Company plans to seek stockholder approval to increase authorized shares at June 6, 2023 annual meeting.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Nikola Corp incurred senior notes of $25,000,000 in aggregate principal amount of series B-1 senior convertible notes with investors at 5.0% per annum maturing March 17, 2024.

Instrument: senior notes
Principal: $25,000,000 in aggregate principal amount of series B-1 senior convertible notes
Counterparty: investors
Rate: 5.0% per annum
Maturity: March 17, 2024
Event: incurrence

Exact text from the filing

As previously announced on December 30, 2022, Nikola Corporation (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with the investors named therein (the “Investors”) for the sale of up to $125,000,000 in principal amount of senior convertible notes (the “Notes”), in a registered direct offering.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nikola Corp amended Purchase Agreement Amendment with the Investors named therein (effective 2023-03-16).

Action: amendment
Agreement: equity purchase
Counterparty: the Investors named therein
Effective: 2023-03-16

Exact text from the filing

On March 16, 2023, the Company and the Investors entered into an amendment to the Purchase Agreement (the “Purchase Agreement Amendment”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nikola Corp entered into First Supplemental Indenture with Wilmington Savings Fund Society, FSB valued at $25,000,000 in aggregate principal amount of series B-1 senior convertible notes (effective 2023-03-16).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Savings Fund Society, FSB
Value: $25,000,000 in aggregate principal amount of series B-1 senior convertible notes
Effective: 2023-03-16

Exact text from the filing

On March 16, 2023, the Company and the Investors entered into an amendment to the Purchase Agreement (the “Purchase Agreement Amendment”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nikola Corp entered into Base Indenture with Wilmington Savings Fund Society, FSB (effective 2023-03-16).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Savings Fund Society, FSB
Effective: 2023-03-16

Exact text from the filing

The First Supplemental Indenture supplements the indenture entered into by and between the Company and the Trustee, dated as of March 16, 2023 (the “Base Indenture”

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Source: SEC EDGAR

accession 0001193125-23-072732

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