Reported 8 months ago
Shares of electric truck maker Nikola (NASDAQ: NKLA) dropped significantly after announcing a 1-for-30 reverse stock split, with their shares down 23.3% on Thursday. The company's decision, approved by shareholders on June 5, reflects a lack of confidence in the stock's recovery, as it has not traded above $1 since April 9. This move, coupled with recent industry developments like Fisker's bankruptcy, has led to investor concern and the stock's decline.
Source: YAHOO