NEW YORK CITY, New York: Electric truck manufacturer Nikola Corp said that Nasdaq has delivered a delisting notice for not meeting its minimum bid price requirements.
After the announcement, shares of the company were down 5 percent at 73 cents. Last year, they fell some 78 percent due to high battery material costs and production concerns.
During the current turbulent market, Nikola has been attempting to raise cash for operations by selling equity, along with other electric vehicle makers.
This week, the company urged shareholders to vote in favor of increasing the number of shares at its annual shareholder meeting to be held next month.
Due to slow demand for its battery-powered trucks, Nikola said it will pause production to streamline the assembly line at its Coolidge, Arizona factory earlier this month.