---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-072732"
form_type: "8-K"
ticker: null
cik: "0001731289"
company_name: "Nikola Corp"
filed_at: "2023-03-16T23:59:59+00:00"
generated_at: "2026-06-18T00:41:37.915773+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Nikola raises additional $25M in Series B-1 convertible notes; net proceeds ~$24.8M

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-072732
- form_type: 8-K
- cik: 0001731289
- company_name: Nikola Corp
- filed_at: 2023-03-16T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1731289/000119312523072732/0001193125-23-072732-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1731289/000119312523072732/d464142d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-072732
- JSON: https://secwatch.observer/filing/0001193125-23-072732.json
- Plain text: https://secwatch.observer/filing/0001193125-23-072732.txt

## Key facts
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731289/000119312523072732/0001193125-23-072732-index.htm
- Material Agreements
  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
  source text: On March 16, 2023, the Company and the Investors entered into an amendment to the Purchase Agreement (the “Purchase Agreement Amendment”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731289/000119312523072732/0001193125-23-072732-index.htm
- Material Agreements
  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
  source text: On March 16, 2023, the Company and the Investors entered into an amendment to the Purchase Agreement (the “Purchase Agreement Amendment”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731289/000119312523072732/0001193125-23-072732-index.htm
- Material Agreements
  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
  source text: 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”
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731289/000119312523072732/0001193125-23-072732-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.