Written by Cláudio Afonso | LinkedIn | X
Shares of electric vehicle startup Nikola were halted late Monday after the company’s planned reverse stock split failed to occur as scheduled on June 24. Year to date, the stock has lost 98.66 percent of its value.
Trading in Nikola’s stock was suspended at 19:50 Eastern Time on Monday and remained halted on Tuesday as of the time of writing, leaving shareholders in limbo as they await the implementation of the reverse stock split and the resumption of trading.
The halt in trading follows a significant drop in Nikola’s share price last Thursday after the company announced that its Board of Directors had approved a 1-for-30 reverse stock split.
This decision came after receiving approval from stockholders at Nikola’s 2024 annual meeting held earlier this month.
Yesterday, the company announced that its hydrogen fuel cell electric vehicles (FCEVs) and battery electric vehicles (BEVs) have collectively surpassed 2.5 million miles driving across North America.
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The milestone includes over 1 million miles driven by Nikola’s FCEVs and 1.5 million miles by its BEVs combining testing, validation, and real-world commercial operations miles.
In a recent interview, Nikola chief executive Steve Girsky comented on the enhancements in the second generation of the manufacturer battery electric vehicle (BEV) trucks while teasing future aerodynamic designs.
Girsky mentioned that while the current focus is on the cab-over design, Nikola is considering future aerodynamic designs as battery electric and fuel cell electric vehicles become more prevalent.
Written by Cláudio Afonso | LinkedIn | X
