Electric truck maker Nikola may do reverse stock split to comply with Nasdaq rules
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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
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