A team of Pillsbury lawyers represented Nikola Corporation in its second $300 million common stock equity line purchase agreement with Tumim Stone Capital LLC. Under the latest agreement, Nikola now has the right to issue and sell to Tumim up to $600 million of Nikola's common stock in aggregate.
Nikola Corporation is globally transforming the transportation industry. As a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen station infrastructure, Nikola is driven to revolutionize the economic and environmental impact of commerce.
According to Nikola CEO Mark Russell, the liquidity will be used to fund Nikola’s operational milestones through the end of 2022, which include the commercial delivery of BEV trucks as well as the start of road release and pilot testing of FCEV trucks.
Read more on the transaction here.
The Pillsbury team was led by Emerging Growth & Venture Capital partner Stanley Pierson and included Corporate partner Gabriella Lombardi, Finance partner Daniel Budofsky and Corporate associate Juan Pablo Cordon.