As problems mount, electric truck maker Nikola warned of de-listing

Robert Besser
29 May 2023, 05:24 GMT+10

Electric truck manufacturer Nikola Corp said that Nasdaq has delivered a delisting notice for not meeting its minimum bid price requirements
After the announcement, shares of the company were down 5 percent at 73 cents
During the current turbulent market, Nikola has been attempting to raise cash for operations by selling equity, along with other electric vehicle makers

NEW YORK CITY, New York: Electric truck manufacturer Nikola Corp said that Nasdaq has delivered a delisting notice for not meeting its minimum bid price requirements.

After the announcement, shares of the company were down 5 percent at 73 cents. Last year, they fell some 78 percent due to high battery material costs and production concerns.

During the current turbulent market, Nikola has been attempting to raise cash for operations by selling equity, along with other electric vehicle makers.

This week, the company urged shareholders to vote in favor of increasing the number of shares at its annual shareholder meeting to be held next month.

Due to slow demand for its battery-powered trucks, Nikola said it will pause production to streamline the assembly line at its Coolidge, Arizona factory earlier this month.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Indianapolis Post.

More Information

76 ℉

Fair in Indianapolis

Business

Section

Gold Rush: Federal Government's bold move to attract Saudi investment in Reko Diq

ISLAMABAD, Pakistan - According to The News, the federal government is considering selling its stake in the Reko Diq project ...

Nasdaq dives 248 points as interest rates reach for the stars

NEW YORK, NEW YORK - U.S. stocks tumbled on Tuesday as interest rates on 10 and 30-year Treasury yields approached ...

Chief medical officer warns of levels of Cannabis use in Ireland

DUBLIN, Ireland: The chief medical officer has issued a stark warning regarding the alarming levels of cannabis consumption in Ireland, ...

Deal unlikely to stop strike, say Kaiser Permanente workers' unions

OAKLAND, California: As their current contract expires and their unions prepare to strike, Kaiser Permanente workers' representatives said, on September ...

In the midst of slowdown, eurozone inflation hits a two-year low

FRANKFURT, Germany: Inflation in the eurozone hit a two-year low in September, signaling that the European Central Bank's (ECB) strategy ...

Factory activity in China shows first increase in six months

BEIJING, China: Official statistics released on the weekend showed that in September, Chinese factory activity expanded for the first time ...

International

Section