Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses
08 12월 2023 - 8:04PM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Registration Statement File No. 333-264068
Relating to the
Preliminary
Prospectus Supplements
Dated December 6, 2023
(To Prospectus Dated April 14, 2022)
PRICING TERM SHEET
December 7, 2023
Nikola Corporation
Offerings of
133,333,334
Shares of Common Stock
and
$175,000,000 Aggregate Principal Amount of
8.25% Green Convertible Senior Notes due 2026
The information in this pricing term sheet supplements Nikola Corporations preliminary prospectus supplement, dated December 6, 2023 (the
Common Stock Preliminary Prospectus Supplement), relating to an offering of common stock (the Common Stock Offering), and Nikola Corporations preliminary prospectus supplement, dated December 6, 2023 (the
Convertible Note Preliminary Prospectus Supplement, and, together with the Common Stock Preliminary Prospectus Supplement, the Preliminary Prospectus Supplements), relating to an offering of green convertible senior notes due
2026 (the Convertible Note Offering), and supersedes the information in the applicable Preliminary Prospectus Supplement to the extent inconsistent with the information in that Preliminary Prospectus Supplement. Terms used, but not
defined, in this pricing term sheet have the respective meanings set forth in the applicable Preliminary Prospectus Supplement. As used in this pricing term sheet, we, our and us refer to Nikola Corporation and
not to its subsidiaries.
Common Stock Offering
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Issuer |
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Nikola Corporation. |
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Securities Offered |
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133,333,334 shares of common stock, $0.0001 par value per share, of Nikola Corporation (the Common Stock). |
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Ticker / Exchange for Common Stock |
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NKLA / Nasdaq Global Select Market (Nasdaq). |
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Last Reported Sale Price per Share of Common Stock on Nasdaq on
December 7, 2023 |
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$0.7526. |
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Public Offering Price per Share of Common Stock |
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$0.75. |
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Underwriting Discount |
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$0.03 per share of Common Stock, and $4,000,000.02 in the aggregate. |
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Trade Date |
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December 8, 2023. |
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Settlement Date |
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December 12, 2023. |
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Use of Proceeds |
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We estimate that the net proceeds to us from the Common Stock Offering will be approximately $95.7 million, after deducting the underwriters discounts and commissions and our estimated offering expenses. We currently
intend to use the net proceeds from the Common Stock Offering for working capital and general corporate purposes. See Use of Proceeds in the Common Stock Preliminary Prospectus Supplement. |
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Book-Running Managers |
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BTIG, LLC |
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Robert W. Baird & Co. Incorporated |
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Bryan, Garnier & Co. Limited |
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Nomura Securities International, Inc. |
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WR Securities, LLC |
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CUSIP / ISIN Numbers for the Common Stock |
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654110 105 / US6541101050. |
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Convertible Note Offering |
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Issuer |
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Nikola Corporation. |
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Ticker / Exchange for Common Stock |
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NKLA / Nasdaq. |
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Trade Date |
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December 8, 2023. |
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Settlement Date |
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December 12, 2023. |
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Notes |
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8.25% green convertible senior notes due 2026 (the Notes). |
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Principal Amount |
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$175,000,000 aggregate principal amount of Notes. |
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Public Offering Price |
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100% of the principal amount of the Notes, plus accrued interest, if any, from the Settlement Date. |
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Underwriting Discount |
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3.00% of the principal amount of the Notes, and $5,250,000 in the aggregate, in each case plus accrued interest, if any, from the Settlement Date. |
- 2 -
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Maturity |
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December 15, 2026, unless earlier repurchased, redeemed or converted. |
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Stated Interest Rate |
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8.25% per annum. |
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Interest Payment Dates |
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June 15 and December 15 of each year, beginning on June 15, 2024. |
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Record Dates |
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June 1 and December 1. |
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Last Reported Sale Price per Share of Common Stock on Nasdaq on
December 7, 2023 |
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$0.7526. |
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Conversion Premium |
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Approximately 20% above the Public Offering Price per Share of Common Stock in the Common Stock Offering. |
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Initial Conversion Price |
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Approximately $0.90 per share of our Common Stock. |
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Initial Conversion Rate |
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1,111.1111 shares of our Common Stock per $1,000 principal amount of Notes. |
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Optional Redemption |
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The Notes will be redeemable, in whole or in part (subject to certain limitations described below), at our option at any time, and from time to time, on or after December 15, 2025 and before the maturity date, at a cash
redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of our Common Stock exceeds 175% of the
conversion price on each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send the related redemption notice. However, we may not
redeem less than all of the outstanding Notes unless at least $100.0 million aggregate principal amount of Notes are outstanding and not called for redemption as of the time we send the related redemption notice. See Description of
NotesOptional Redemption in the Convertible Note Preliminary Prospectus Supplement. |
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Use of Proceeds |
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We estimate that the net proceeds to us from the Convertible Note Offering will be approximately $169.5 million, after deducting the underwriters discounts and commissions and our estimated offering expenses. We intend to
allocate an amount equal to the net proceeds from the Convertible Note Offering to finance, refinance or make direct investments in, in whole or in part, one or more new or recently completed (within the 24 months prior to the Settlement Date),
current and/or future Eligible Green Projects in alignment with the guidelines of the Green Bond Principles, 2021 (with June 2022 Appendix I). Pending full allocation of an amount equal to the net proceeds from the Convertible Note Offering to
Eligible Green Projects, we may temporarily invest the net proceeds in cash or other short-term and liquid instruments, and we will not knowingly invest in operations that result in an overall net increase in greenhouse gas emissions. See Use
of Proceeds in the Convertible Note Preliminary Prospectus Supplement. |
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Material U.S. Federal Income Tax Consideration |
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We and each beneficial owner of the Notes will agree in the indenture to treat the Notes, for U.S. federal income tax purposes, as contingent payment debt instruments and to be bound by our application of the contingent
payment debt regulations to the Notes, including our determination of the comparable yield of the Notes and the related projected payment schedule. Under this characterization, U.S. holders will generally be required to accrue and include in income
(as ordinary income) original issue discount (subject to certain adjustments) on a constant-yield basis, based on the rate at which we would issue a noncontingent, nonconvertible debt instrument with terms and conditions otherwise comparable to the
terms of the Notes, regardless of the U.S. holders regular method of accounting for U.S. federal income tax purposes. We have determined that this rate is 14.33% per annum, compounded semi-annually. The amount of interest required to be
included in income for each year will therefore generally exceed the interest payments on the Notes in that year. In addition, U.S. holders will recognize ordinary income, rather than capital gain, on the sale, conversion, exchange, redemption,
retirement or other taxable disposition of a Note at a gain. The amount realized by a U.S. holder on a conversion will equal the amount of cash plus the fair market value of Common Stock received. |
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Book-Running Managers |
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BTIG, LLC |
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Robert W. Baird & Co. Incorporated |
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Bryan, Garnier & Co. Limited |
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Nomura Securities International, Inc. |
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WR Securities, LLC |
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CUSIP / ISIN Numbers |
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654110 AG0 / US654110AG03. |
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Increase to Conversion Rate in Connection with a Make-Whole Fundamental Change |
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If a make-whole fundamental change occurs and the conversion date for the conversion of a Note occurs during the related make-whole fundamental change conversion period, then, subject to the provisions described in the Convertible
Note Preliminary Prospectus Supplement under the caption Description of NotesConversion RightsIncrease in Conversion Rate in Connection with a Make-Whole Fundamental Change, the conversion rate applicable to such conversion
will be increased by a number of shares set forth in the table below corresponding (after interpolation, as described below) to the effective date and the stock price of such make-whole fundamental change: |
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Stock Price |
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Effective Date |
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$ |
0.750 |
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$ |
0.875 |
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$ |
0.900 |
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$ |
1.050 |
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$ |
1.150 |
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$ |
1.250 |
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$ |
1.575 |
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$ |
1.750 |
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$ |
2.000 |
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$ |
2.250 |
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December 12, 2023 |
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222.2222 |
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128.4800 |
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114.1444 |
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50.4667 |
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24.5130 |
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16.9640 |
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9.0286 |
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4.1343 |
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0.1250 |
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0.0000 |
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December 15, 2024 |
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222.2222 |
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128.4800 |
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114.1444 |
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44.8095 |
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24.5130 |
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14.1400 |
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4.5460 |
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2.0814 |
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0.0625 |
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0.0000 |
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December 15, 2025 |
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222.2222 |
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128.4800 |
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114.1444 |
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31.6190 |
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24.5130 |
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11.3160 |
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0.0000 |
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0.0000 |
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0.0000 |
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0.0000 |
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December 15, 2026 |
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222.2222 |
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31.7486 |
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0.0000 |
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0.0000 |
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0.0000 |
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0.0000 |
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0.0000 |
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0.0000 |
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0.0000 |
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0.0000 |
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If such effective date or stock price is not set forth in the table above, then:
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if such stock price is between two stock prices in the table above or the effective date is between two dates in
the table above, then the number of additional shares will be determined by straight-line interpolation between the numbers of additional shares set forth for the higher and lower stock prices in the table above or the earlier and later dates in the
table above, based on a 365- or 366-day year, as applicable; and |
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if the stock price is (x) greater than $2.25 per share (subject to adjustment in the same manner as the
stock prices set forth in the column headings of the table above are adjusted, as described in the Convertible Note Preliminary Prospectus Supplement under the caption Description of NotesConversion RightsIncrease in Conversion
Rate in Connection with a Make-Whole Fundamental ChangeAdjustment of Stock Prices and Number of Additional Shares); or (y) less than $0.75 per share (subject to adjustment in the same manner), then no additional shares will be added
to the conversion rate. |
Notwithstanding anything to the contrary, in no event will the conversion rate be increased to an amount that
exceeds 1,333.3333 shares of our Common Stock per $1,000 principal amount of Notes, which amount is subject to adjustment in the same manner as, and at the same time and for the same events for which, the conversion rate is required to be adjusted
pursuant to the provisions described in the Convertible Note Preliminary Prospectus Supplement under the caption Description of NotesConversion RightsConversion Rate AdjustmentsGenerally.
* * *
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We have filed a registration statement (including a prospectus) and the Preliminary Prospectus
Supplements with the SEC for the offerings to which this communication relates. Before you invest, you should read the applicable Preliminary Prospectus Supplement and the prospectus in that registration statement and other documents we have filed
with the SEC for more complete information about us and these offerings. You may get these documents free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any underwriter or any dealer participating in the applicable offering
will arrange to send you the applicable Preliminary Prospectus Supplement (or, when available, the applicable final prospectus supplement) and the accompanying prospectus upon request to: BTIG, LLC, 600 Montgomery Street, San Francisco, CA 94111
Attention: Syndicate Department (415-248-2200) or by email at prospectusdelivery@btig.com.
The information in this pricing term sheet is not a complete description of the Common Stock, the Common Stock Offering, the Notes or the Convertible Note
Offering. You should rely only on the information contained or incorporated by reference in the applicable Preliminary Prospectus Supplement and the accompanying prospectus, as supplemented by this pricing term sheet, in making an investment
decision with respect to the Common Stock or the Notes.
ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS
COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.
- 6 -
Nikola (NASDAQ:NKLA)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Nikola (NASDAQ:NKLA)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024