Nikola Inc. $(NKLA)$ shares declined toward an all-time low in after-hours trading Thursday, as the car maker announced plans to sell shares.
Nikola announced a plan to sell $100 million in stock, along with a concurrent direct offering with an unnamed investor for another $100 million.
The stock fell more than 7% in the extended session.
Nikola disappointed investors with its fourth-quarter revenue total in February, and projected that 500 or fewer vehicles will be produced this year.
The company reported a net loss of $784 million for the year, and restricted cash and equivalents of less than $80 million when it ended. Shares have plunged 87.4% in the past 12 months and 35.2% so far this year, as the S&P 500 index has declined 12.5% and gained 4.9% in those periods respectively.
Nikola stock closed at an all-time low of $1.40 a share Thursday, before declining again in late trading.