Nikola shares plunge 14% after cars recall and bond sale 📉

Declines in the shares of electric car maker Nikola (NKLA.US) have accelerated since the open on Wall Street today and are already above 14% as the company announced an additional USD 325 million bond issue and a recall of all 209 'semi-truck' EVs produced due to a potential design flaw.

The company intends to correct their battery pack design flaw (risk of internal coolant leakage) after a fire broke out at the company's headquarters resulting in the burning of five cars (in June). The company said that the recall of battery-powered trucks will not affect newer models, based on hydrogen fuel cells.
Nikola is hoping for a quick fix and a change or modification from the supplier of the small part probably responsible for the situation.
The company is still not profitable and investors do not like the vision of further dilution of the shareholding and the 'overhang' of a large number of shares as debt is converted into company capital.The company will sell convertible bonds through a direct offering, in tranches. The first tranche will be for $124.5m at an interest rate of 5%.

Nikola shares (NKLA.US), H1 interval. The SMA100 and SMA200 averages are approaching the intersection known as the 'cross of death' 0 looking previously similar situations usually precede a prolonged overbought stock. Source: xStation5

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