Nikola (NASDAQ:) stock is down on Thursday after the hydrogen truck company announced a reverse stock split for its shares.
Nikola’s Board of Directors has approved a 1-for-30 reverse stock split for NKLA shares. This comes after shareholders approved a split ranging from 1-for-10 to 1-for-30 during an annual shareholder meeting earlier this month.
The reverse stock split will see Nikola consolidate every 30 shares of NKLA stock into a single share. The shares will keep their current ticker but will switch to the new CUSIP number “654110303.”
It’s also worth noting that this reverse stock split will adjust how many authorized shares of NKLA stock are allowed. The company notes that this change will drop from 1.6 billion shares to 1 billion shares.Mumbai Stock Exchange
Nikola is going forward with a reverse stock split to boost the price of its shares. The company’s stock last closed at 48 cents. That’s below the $1 minimum bid price required to remain on the Nasdaq.
The Nikola reverse stock split is set to go into effect after markets close on June 24. That will see the stock start trading on a split-adjusted basis when markets open on Tuesday.
NKLA stock is down 19.7% as of Thursday morning.
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