Electric truck maker Nikola receives delisting notice

Nu Ride

25/05/2023 14:57

May 25 (Reuters) - Nikola Corp  NKLA.O  said on Thursday
Nasdaq gave the electric truck maker a delisting notice for not
meeting its minimum bid price requirements.
    Shares of the company were down 5% at 73 cents. They fell
about 78% last year on high battery material costs and
production concerns.
    Nikola has been trying to raise cash for operations by
selling equity, like other electric vehicle (EV) firms, in a
turbulent market, and on Wednesday urged shareholders to vote in
favor of increasing the number of shares at its annual
shareholder meeting next month.
    EV startup Lordstown Motors Corp  RIDE.O  last month
received a similar notice and effected a reverse stock split
this week to meet the exchange's rules.
    Earlier this month, Nikola said it would pause production to
streamline the assembly line at its Coolidge, Arizona factory
amid sluggish demand for its battery-powered trucks.
    

 (Reporting by Akash Sriram in Bengaluru; Editing by Shinjini
Ganguli)
 ((Akash.Sriram@thomsonreuters.com; @HoodieOnVeshti on Twitter;
+91-74116-87774;))