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 Nepal National.

More Information

22 ℃

Mostly Cloudy in Kathmandu

Business

Section

US business optimism about China at record low: Survey

SHANGHAI, China: A survey published this week by the American Chamber of Commerce (AmCham) in Shanghai showed that political tensions ...

eVTOL maker Joby chooses Ohio for its flying taxis plant

DAYTON, Ohio: Under an agreement announced this week, Joby Aviation will produce state-of-the-art electric vertical takeoff and landing (eVTOL) aircraft ...

Stocks in U.S. and around world decline as bond yields jump

NEW YORK, New York - U.S. stocks and bonds caught on to a global trend Thursday as sellers took charge ...

Chicago Symphony Orchestra, musicians' union ink a new deal

CHICAGO, Illinois: The Chicago Symphony Orchestra (CSO) and the Chicago Federation of Musicians announced over the weekend that they agreed ...

Alibaba head, President Erdogan debate $2 billion funding in Turkey

ANKARA, Turkey: During a meeting, Michael Evans, President of the Alibaba Group, told Turkish President Tayyip Erdogan that the Chinese ...

Tesla, Saudi Arabia discussing potential EV factory, says WSJ

NEW YORK: This week, the Wall Street Journal (WSJ) reported that U.S. electric vehicle (EV) maker Tesla and Saudi Arabia ...

Southeast Asia

Section