Nikola Corporation (NASDAQ:NKLA) shares are trading higher Tuesday. The stock is down 50.94% for the month.
What To Know: Last Monday, Nikola announced an agreement to sell up to $325 million in aggregate principle amount of senior convertible notes, anticipating to generate net proceeds of approximately $124.5 million. Shares of the stock fell in response.
A week prior, the company announced the voluntary recall of roughly 209 Class 8 Tre battery-electric vehicles, causing shares to fall as well. Nikola cited precautionary measures as the reason for the decision.
In early August, the stock traded lower in light of the abrupt announcement that Michael Lohscheller would step down as President and CEO. Steve Girsky took the position of CEO. Mixed second-quarter results also contributed to the price action.
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NKLA Price Action: Shares of NKLA were up 5.65% at $1.31 at the time of publication, according to Benzinga Pro.
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