Nikola Corp’s share price (NASDAQ:NKLA) has plummeted by 18.79% to $0.63 on Thursday morning, attributed to the company’s failure to comply with Nasdaq’s minimum bid price requirements.
What Does This Mean?
The Securities and Exchange Commission (SEC) filing noted that as of May 24, the company did not meet the minimum closing bid price requirement of $1.00 for its common stock over 30 consecutive business days. The company has been informed in writing and must regain compliance by November 20, 2023.
If Nikola Corp does not regain compliance by the deadline, the company may be eligible for additional time to comply. NKLA has had a 52-week high of $8.97 and a 52-week low of $0.62, according to Benzinga Pro.
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