Source:https:\/\/techcrunch.com\/2023\/05\/25\/electric-truck-maker-nikola-at-risk-of-being-delisted-from-nasdaq\/<\/a><\/br>
\nElectric truck maker Nikola at risk of being delisted from Nasdaq<\/br>
\n2023-05-27 22:05:22<\/br><\/p>\n

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Nikola, the beleaguered electric truck developer, is at risk of being delisted from Nasdaq, the company disclosed Thursday in a regulatory filing<\/a>.<\/p>\n

Nikola said that on May 24 it received a delisting notice from the public exchange because its share price has been below $1 for the past 30 days. The company has until November 20 to comply with Nasdaq\u2019s minimum price rule, which requires the share price to be above $1 for 10 consecutive business days.<\/p>\n

Nikola shares were as high as $65.90 in 2020 when the buzzy SPAC was being led by Trevor Milton, the company\u2019s co-founder and former CEO, who has been indicted on federal securities fraud. Shares have since fallen 20% to $0.62.<\/p>\n

Nikola is among a growing number of companies that went public via a merger with a special purpose acquisition company to see its market cap go into a free fall, and in some cases, land in delisting limbo. Lordstown Motors said this month it also received a delisting notice. The notice, and its failing deal with Foxconn, prompted Lordstown to issue a reverse stock split<\/a>. Many of these mobility companies were attracted to the capital that public markets can access. And the use of the SPAC as a financial instrument seemed to work at first with many becoming buzzy meme stocks in 2021.<\/p>\n

Now the fundamentals are catching up to companies like Nikola as well as other SPACs like Arrival, Bird and Canoo.<\/p>\n

Nikola has been working to raise more money by issuing more shares. It is urging shareholders to vote for a proposal<\/a> that would allow it to increase the number of shares of its company\u2019s common stock. The passage of this proposal requires more than 50% of its outstanding shares to vote favorably.<\/p>\n<\/p><\/div>\n

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Science, Tech, Technology<\/br>
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\nSource:https:\/\/techcrunch.com\/2023\/05\/25\/electric-truck-maker-nikola-at-risk-of-being-delisted-from-nasdaq\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/05\/25\/electric-truck-maker-nikola-at-risk-of-being-delisted-from-nasdaq\/ Electric truck maker Nikola at risk of being delisted from Nasdaq 2023-05-27 22:05:22 Nikola, the beleaguered electric truck developer, is at risk of being delisted from Nasdaq, the company disclosed Thursday in a regulatory filing. Nikola said that on May 24 it received a delisting notice from the public exchange because its share price […]<\/p>\n","protected":false},"author":1,"featured_media":33407,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-33406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\n