Nasdaq warns truck maker Nikola it is about to be delisted

Nikola Corp mentioned on Thursday that Nasdaq gave the electrical truck maker a delisting discover for not assembly its minimal bid worth necessities.

Shares of the corporate have been down 22% at 60 cents per share. They fell about 78% final 12 months on excessive battery materials prices and manufacturing considerations.

Nikola has been making an attempt to boost money for operations by promoting fairness, like different electrical automobile (EV) corporations, in a turbulent market, and on Wednesday urged shareholders to vote in favor of accelerating the variety of shares at its annual shareholder assembly subsequent month.

EV startup Lordstown Motors Corp final month acquired an identical discover and effected a reverse inventory break up this week to fulfill the alternate’s guidelines.

Earlier this month, Nikola mentioned it will pause manufacturing to streamline the meeting line at its Coolidge, Arizona, manufacturing facility amid sluggish demand for its battery-powered vehicles.