Electrical heavy-truck maker Nikola stated on Thursday that it plans to lift $100 million through a secondary inventory providing to the general public and — probably — a non-public sale of inventory to an unnamed investor, if wanted.

The corporate’s shares have been down about 5% in after-hours buying and selling following the information.

Nikola’s plan to lift capital is available in two elements. First, the corporate stated, it can provide as much as $100 million value of inventory to the general public through a conventional secondary providing, with Citigroup underwriting. Citigroup could have the choice to buy a further $15 million value of shares.

Secondly, Nikola stated it has entered right into a ahead inventory buy settlement with an unnamed investor. If the general public providing raises lower than $100 million, that investor has agreed to purchase the rest on the public providing value.

Both means, Nikola will increase $100 million earlier than charges, cash that it plans to make use of for working capital and different common functions.

Nikola is slowly ramping up manufacturing of its electrical semitrucks after constructing simply 258 battery-electric vehicles in 2022. The corporate stated final month that it expects to construct between 250 and 350 of the battery-electric semis in 2023, together with 125 to 150 of its upcoming fuel-cell-powered vehicles, set to launch this fall. The fuel-cell vehicles could have longer vary than the battery-electric variations.

Nikola had $233.4 million in money and equivalents obtainable as of Dec. 31, down from $315.7 million on the finish of September. The corporate misplaced $222.1 million within the fourth quarter of 2022.