Reuters - Electric truck maker Tumim Stone Capital said that it entered into another deal with Nikola Corp on Monday to sell $400 million of its stock, taking the total to up to $600 million.
A Phoenix, Arizona based Nikola entered into an all-share deal with Tumim, according to a filing by Nikola in June. Under the agreement, Nikola had agreed to buy up to $300 million of Tumim's common stock.
Since entering into the Common, Nikola has issued nearly $47 million of first invetance stock to Tumim.
New York-based investor 3 i is the general manager and managing partner of Tumim Stone Capital.
The equity lines with Nikola, together with estimated cash and cash equivalents, will provide Nikola with access to approximately $800 million of liquidity by 2021, Mark Russell said in a statement.
Shares of Nikola were down nearly 1.5% in premarket trading on Monday.