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Yahoo BusinessJul 13, 2020
The Fate of Nikola (NKLA) Stock Remains Up in the Air
A lot of people in the stock market want Nikola Corporation (NKLA) to be the next Tesla. Unfortunately, the company filed a prospectus allowing shareholders to dump a large amount of shares that will cause an overhang on the stock. Nikola has yet to generate revenues from vehicle sales, yet the stock already has a market value of $21 billion, an amount approaching the level of Ford. The company has the innovative promise similar to Tesla in the vehicle space with the goal of building a fleet of hydrogen fuel-cell electric trucks, but the hype extends far beyond reality here and the selling shareholders know this.20% of the SharesThe company only went public on June 4 via a merger with VectoIQ, yet shareholders are already getting ready to leave. You can't blame them with the stock soaring from below $15 before the deal was announced to above $90 at the high point.A few weeks ago, the company filed a prospectus to allow shareholders to unload 23,890,000 warrants and 53,390,000 shares for a combined 77,280,000 shares at a future date. The good news is that Nikola will receive the $11.50 value per warrant for total aggregate proceeds of $275 million. The bad news is that shareholders want to sell over 20% of the company, giving the stock an overhang until these shares are sold.As a result, Nikola will have around $1.0 billion in cash to fund operations.Not Close to Tesla YetThe market is already assigning a Tesla valuation to a company without a production vehicle. At the end of 2019, Nikola listed 14,000 orders for a $10 billion

CNBC BusinessJul 13, 2020
Ford unveils new Bronco as off-road, open-air Jeep rival for under $30,000
Ford is squarely positioning the new Bronco SUV against the Jeep Wrangler, which dominates off-road vehicle sales and supports a profitable accessory business for Fiat Chrysler.

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Ford Reveals New Bronco After 24 Years Off the Market (Wall Street Journal US Business)
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