Nikola's stock tumbles after new supply deal with General Motors doesn't include equity stake - MarketWatch

sank 15.2% in premarket trading Monday, after the battery- and hydrogen-electric vehicle maker said it signed an new supply agreement with General Motors Co.

At that time, Nikola disclosed a subscription agreement in which it will issue and sell 47.7 million shares of its common stock to GM valued at $2.0 billion.

Under terms of the MOU, Nikola and GM will integrate GM's Hydrotec fuel-cell technology into Nikola's zero-emission Class 7 and Class 8 semi-trucks, and the companies will "discuss" the potential for using GM's Ultium battery system Nikola's Class 7 and Class 8 trucks.

Nikola said it continues to expect to begin testing prototypes of its fuel-cell powered trucks by the end of 2021.