Electric truck maker and Tesla (TSLA Quick QuoteTSLA - Free Report) competitor Nikola Corp. dropped over 21% on Monday after the company said it is planning to issue up to 23.9 million shares. Nikola will issue warrants allowing holders to buy shares at $11.50.

This brings the total number of outstanding NKLA shares outstanding to 384.8 million from 360.9 million.

Nikola wants to use the proceeds for general corporate purposes.

NKLA now trades at its lowest level since June 5 and could be an attractive entry point for some investors looking for exposure to a pure-play electric vehicle company.

Biggest Tech Breakthrough in a Generation

Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.

A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.

See 8 breakthrough stocks now>>