Nikola (NASDAQ:NKLA) stock is a hot topic among traders on Wednesday after the electric vehicle (EV) company revealed the reselling of its shares.
According to a filing with the Securities and Exchange Commission (SEC), certain shareholders are selling up to 10,266,209 shares of NKLA stock. That means it isn’t Nikola that is directly offering the shares in this prospectus.
Investors will want to keep that in mind as it means the EV company won’t see any proceeds from this share sale. That also means this doesn’t increase the total number of outstanding shares of NKLA stock, either.
The shares being sold in this offering come from Antara Capital LP. This is a company that Nikola entered into an investment agreement with in April 2022. That saw it selling several notes to the company, which were later exchanged for shares of NKLA stock.
NKLA Stock Movement on Wednesday
Despite news of a share sale, NKLA stock isn’t seeing all that much movement today. As of this writing, more than 9 million shares of the company’s stock have been traded. That’s still a long way off from its daily average trading volume of about 85.6 million shares.
NKLA stock is down slightly as of Wednesday morning and is down 36.5% since the start of the year.
Investors checking out all of the most recent stock market news for today will want to take a look below!
We have coverage of all the biggest stock market stories traders need to know about on Wednesday! A few examples of that include Mallinckrodt (NYSEMKT:MNK) filing for bankruptcy, as well as the news sending shares of Abercrombie & Fitch (NYSE:ANF) and Kiora Pharmaceuticals (NASDAQ:KPRX) stock higher today. You can read all about these topics at the following links!
More Stock Market News for Wednesday
- MNK Stock Alert: Mallinckrodt Files for Bankruptcy Again
- Why Is Abercrombie & Fitch (ANF) Stock Up 21% Today?
- Why Is Kiora Pharmaceuticals (KPRX) Stock Up 11% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.