(Bloomberg) -- Nikola Corp. shares fell after the electric carmaker priced the sale of shares and green convertible bonds.

The stock declined about 5.5% to $0.71 cents each as of 11:26 a.m. Friday in New York, the lowest since June. The move came after the company announced it had raised $100 million in a share sale and sold convertible bonds at an 8.25% coupon, confirming a Bloomberg News report. 

Nikola raised about $175 million from the convertible bonds, which came with a 20% conversion premium, people familiar with the matter have said. The sum is less than the company had planned to raise from the sale of three-year green convertible senior notes due 2026, it said in an earlier press release.

A Nikola representative didn’t respond to an emailed request for comment.

The decline increases the slump in the Phoenix-based company’s shares this year, which have fallen more than 65% this year to date, valuing it at around $823 million. 

The latest convertible bond comes on the heels of a September issue, when Nikola tapped investors for $40 million in convertible bonds. The one-year notes bore an interest rate of 5%.

Nikola has seen a number of recent personnel changes among its senior executives. In September, it hired Mary Chan, who previously worked at General Motors Co. as its chief operating officer. Chief Financial Officer Anastasiya Pasterick announced last month her departure on Dec. 1.

Nikola’s founder Trevor Milton was convicted in October 2022 of securities fraud and wire fraud, and faces as much as 20 years in prison. He is currently opposing a prison sentence. He remains the company’s second-largest shareholder.

The company will use the funds from the convertible bond and equity issues for working capital, general corporate purposes and unspecified projects “in alignment with the guidelines of the Green Bond Principle,” according to the press release.

BTIG, Baird, Bryan, Garnier & Co. and Wolfe Nomura Alliance are the underwriters of the issues. They have the option to purchase an additional $15 million in stock and $30 million in notes, the release showed. 

(Updates with pricing confirmation and share moves in the first five paragraphs.)

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