Electric truck maker Nikola Corp may execute a reverse stock split if its stock does not comply with Nasdaq's minimum bid price requirements within a certain period, its chief executive Michael Lohscheller said on Thursday.
Nasdaq requires shares trade above $1 and sends a notice if one trades below that mark for 30 consecutive business days.
If Nikola cannot comply in those periods, the company can execute the reverse stock split, subject to a shareholder vote, to move its shares above the $1 mark, Lohscheller said."We believe we will be able to regain Nasdaq compliance and will work to ensure Nikola common stock is not delisted," he said in a webcast to answer shareholder questions that was followed by a 1% price rise in after-market trading. "We have tough decisions to make as we navigate through challenging times.
Cash burn in the first quarter was $240 million, compared with $200 million per quarter in 2022, Nikola said last month.
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