Electric truck maker Nikola may do reverse stock split to comply with Nasdaq rules
Electric truck maker Nikola Corp may execute a reverse stock split if its stock does not comply with Nasdaq’s minimum bid price requirements within a certain period, its chief executive Michael Lohscheller said on Thursday (Jun 1 ).
A reverse stock split consolidates the number of existing shares into fewer shares.
Nikola, which closed at about US$0.57 on Thursday, said last week it received a delisting notice from the stock exchange.
Nasdaq requires shares trade above US$1 and sends a notice if one trades below that mark for 30 consecutive business days.
Lohscheller’s comments were made in a webcast to answer shareholder questions. REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Carrier AirAsia discloses new listing plans under RM6.8 billion units merger
Intel slides after tepid forecast spurs fears about comeback
Microsoft beats estimates as AI drives revenue
Crypto firm sues SEC to fend off oversight of Ethereum
Snap beats first-quarter expectations, shares jump 25%
Google parent announces first-ever dividend; beats on sales, profit; shares soar