By Will Feuer
Shares of Nikola fell after the electric-vehicle startup warned that its recent recall of more than 200 trucks could weigh on its ability to meet its deliveries guidance for the year.
The stock dropped almost 11% to $1.75 shortly after the market opened. Over the past 12 months, shares are down about 71%.
If the issue that caused the recall of more than 200 battery-powered commercial trucks earlier this month can’t be resolved on a timely basis, Nikola warned that its financial condition, including its ability to meet its 2023 deliveries guidance, could be adversely impacted.
Separately, Nikola also said it plans to sell up to $325 million in convertible bonds. The company said it expects to close the sale of $125 million notes on or near Monday.
Write to Will Feuer at [email protected]
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