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Why Nikola Stock Dropped Today

TheMotleyFool

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Shares of battery-electric (BEV) and fuel cell-electric vehicle (FCEV) maker Nikola (NASDAQ: NKLA) are under pressure Tuesday after the company filed to sell shares to raise $100 million in new capital. As of 10:45 a.m. EDT, shares were down about 7%.

Nikola is in the process of commissioning prototype vehicles at its Arizona manufacturing plant. The company said in an SEC filing that proceeds from the share sale may be used "to complete our Arizona manufacturing facility, develop commercial scale BEV and FCEV Class 8 trucks and develop hydrogen station infrastructure."

Image source: Nikola.

Source Fool.com

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