Nikola Corp. tumbled May 25 after Nasdaq Inc. notified the company that it isn’t in compliance with the minimum bid requirements to remain listed on the exchange.
Shares of the electric truck maker sank 20%, the most since November 2020. The stock is down 72% this year as of the May 25 close, when it ended the session with a price of 62 cents.
Companies on the exchange that aren’t able to maintain a minimum closing price of $1 per share for 30 consecutive business days risk getting delisted. Nikola’s shares haven’t traded above $1 since April 11.
