Nikola announces 1-for-30 reverse stock split to meet Nasdaq listing rules, starting June 25.

Nikola has announced a 1-for-30 reverse stock split to meet Nasdaq listing rules, starting June 25. The move aims to shore up its stock price by reducing the number of shares outstanding. Nikola missed Q1 revenue expectations and its cash reserves have decreased. Post-split, the number of authorized shares will be reduced from 1.6B to 1B and market capitalization stands at $652M.