{"id":17763,"date":"2023-06-03T15:59:18","date_gmt":"2023-06-03T19:59:18","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/nikola-considers-reverse-stock-split-as-nasdaq-compliance-hangs-in-the-balance\/"},"modified":"2023-06-03T15:59:19","modified_gmt":"2023-06-03T19:59:19","slug":"nikola-considers-reverse-stock-split-as-nasdaq-compliance-hangs-in-the-balance","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17763","title":{"rendered":"Nikola considers reverse stock split as Nasdaq compliance hangs in the balance"},"content":{"rendered":"
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\u00a9 Reuters Nikola (NKLA) considers reverse stock split as Nasdaq compliance hangs in the balance<\/span>
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American electric truck builder, Nikola\u00a0Corp (NASDAQ:) said Thursday that the company may need to execute a reverse stock split if its stock does not comply with Nasdaq’s minimum bid price requirements within a certain period.<\/p>\n

Nikola, whose stock closed at $0.57 on Thursday, has been battling mounting losses, high cash burn and sluggish demand for its battery-powered trucks. The company announced last week that they received a delisting notice from the Nasdaq stock exchange. The exchange requires shares to trade above $1 and sends a notice if one trades below that mark for 30 consecutive business days.<\/p>\n

From that point, the company has a 180-day period within which the stock has to trade above $1 for at least 10 consecutive days to comply with the rules, although a second 180-day period can be granted if it meets other requirements.<\/p>\n

A reverse stock split consolidates the number of existing shares into fewer shares, which CEO Michael Lohscheller said may be needed to bring the share price into compliance.<\/p>\n

“We believe we will be able to regain Nasdaq compliance and will work to ensure Nikola common stock is not delisted,” he said in a webcast to answer shareholder questions. “We have tough decisions to make as we navigate through challenging times.”<\/p>\n

Lohscheller on Thursday urged shareholders to vote at its annual meeting next week in favor of increasing the number of shares the company is allowed to issue.<\/p>\n

The truck maker said earlier that “without these additional shares, Nikola’s ability to continue its ongoing operations and objectives, including Nikola’s need for capital, will be out of reach.”<\/p>\n

Shares of NKLA are up 3.34% in afternoon trading on Friday.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Nikola (NKLA) considers reverse stock split as Nasdaq compliance hangs in the balance American electric truck builder, Nikola\u00a0Corp (NASDAQ:) said Thursday that the company may need to execute a reverse stock split if its stock does not comply with Nasdaq’s minimum bid price requirements within a certain period. Nikola, whose stock closed at […]<\/p>\n","protected":false},"author":1,"featured_media":17764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-17763","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nNikola considers reverse stock split as Nasdaq compliance hangs in the balance | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Nikola (NKLA) considers reverse stock split as Nasdaq compliance hangs in the balance American electric truck builder, Nikola\u00a0Corp (NASDAQ:)\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=17763\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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