Electrical heavy-truck maker Nikola mentioned that its deliberate $100 million secondary inventory providing, introduced on Thursday after U.S. markets closed, has priced at $1.12 per share – 20% under the inventory’s closing worth of $1.40.

Shares fell greater than 15% on Friday morning, hitting a brand new 52-week low.

Even with the low cost, there seems to have been very restricted curiosity within the shares on Wall Road. Nikola’s underwriter, Citigroup, was solely capable of place a few third of the shares with its purchasers. An unnamed non-public investor has agreed to purchase the rest straight from Nikola, the truck maker mentioned.

Nikola plans to make use of the cash raised for working capital and different basic functions. The corporate is getting ready to launch a brand new long-range electrical semitruck powered by hydrogen gas cells later this 12 months. The brand new truck will complement Nikola’s shorter-range Tre battery-electric heavy truck, which started transport final 12 months.

Nikola had $233.4 million in money and equivalents accessible as of Dec. 31. The truck maker misplaced $222.1 million within the fourth quarter of 2022.