Nikola Implements 1-for-30 Reverse Stock Split to Meet Nasdaq Listing Requirements

The electric truck maker's shares plummet as the company takes drastic measures to avoid delisting.

Nikola's board approved a 1-for-30 reverse stock split, effective June 24.
The company's shares dropped over 23% following the announcement.
The reverse split aims to raise the share price above Nasdaq's $1 minimum requirement.
Nikola's market capitalization stands at approximately $652 million with 1.36 billion shares outstanding.
The company has faced financial challenges, including a significant drop in cash reserves and missed revenue expectations.