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HomeGadgetsElectrical truck maker Nikola liable to being delisted from Nasdaq

Electrical truck maker Nikola liable to being delisted from Nasdaq

Nikola, the beleaguered electrical truck developer, is liable to being delisted from Nasdaq, the corporate disclosed Thursday in a regulatory submitting.
Nikola mentioned it acquired Might 24 a delisting discover from the general public change as a result of its share worth has been beneath $1 for the previous 30 days. The corporate has till November 20, to adjust to Nasdaq’s minimal worth rule, which requires the share worth to be above $1 for 10 consecutive enterprise days.
Shares fell 20% to $0.62. Nikola shares have been as soon as as excessive as $65.90.
Nikola is amongst a rising variety of corporations that went public through a merger with a particular function acquisition firm to see its market cap go right into a freefall, and in some circumstances, land in delisting limbo. Lordstown Motors mentioned this month it additionally acquired a delisting discover. The discover, and its failing take care of Foxconn, prompted Lordstown to difficulty a reverse inventory cut up. Many of those mobility corporations have been drawn to the capital that public markets can entry. And using the SPAC as a monetary instrument appeared to work at first with many changing into buzzy meme shares in 2021.
Now the basics are catching as much as corporations like Nikola in addition to different SPACs like Arrival, Chicken and Canoo.


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