Nikola Says Its Regained Nasdaq Listing Compliance — The Delisting Matter Is 'Now Closed'

Electric truck maker Nikola Corp (NASDAQ:NKLA) said on Thursday that it has regained compliance with Nasdaq listing rules pertaining to minimum stock price.

What Happened: The company said that it received a written notice from Nasdaq stating that from June 14 to 28, the closing bid price of Nikola common stock was $1/ share or greater.

“The matter was now closed,” Nikola said in its statement.

Nasdaq issued a delisting notice to Nikola last month due to its failure to maintain a minimum bid price of $1/share. To maintain its listing, the company had to trade above $1 for ten consecutive days within a specified period.

Why It Matters: Last Friday, Nikola said that a fire occurred behind its Phoenix headquarters which affected multiple battery electric trucks. The company suspected foul play in the matter and said an investigation is underway.

Though the shares traded lower on Monday following the news, it closed above $1.

Deliveries of Nikola Tre BEVs are already underway and Nikola Tre hydrogen FCEVs are expected to start deliveries in the fourth quarter. The company had received orders from 12 end customers for 140 hydrogen fuel cell trucks as of May 9.

Price Action: Nikola shares closed up 8.6% at $1.26 on Thursday and gained 0.79% after hours, according to data from Benzinga Pro.

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