Nikola Wants to Reduce Its Share Count -- Market Talk

Dow Jones04-11

0908 ET - Nikola is asking its shareholders to approve a reverse stock split to raise the hydrogen-electric truck maker's share price by reducing the number of shares. Nikola has been threatened with delisting by the Nasdaq Exchange after its shares repeatedly slipped below $1 in recent months. In a regulatory filing Nikola says it will ask shareholders to authorize the company to choose a split ratio ranging from 1 share for every 10 that shareholders now own to 1 share for every 30. Nikola wants to shrink the number of authorized shares by 600 million to 1 billion shares. The company has not yet scheduled its annual shareholders meeting. Nikola is down 4.7% at 93 cents in pre-market trading. (robert.tita@wsj.com)

(END) Dow Jones Newswires

April 11, 2024 09:08 ET (13:08 GMT)

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