Another electric vehicle maker faces Nasdaq delisting threat

Lordstown Motors has been joined by another electric vehicle manufacturer to have the dubious distinction of being threatened with having its stock delisted from Nasdaq.
Nikola revealed in a securities document filed on Wednesday that its share price has fallen below the Nasdaq Stock Market’s minimum closing bid price requirement of $1.00 per share for 30 consecutive days.
Nikola common stock, worth more than $8 a share last August, had dropped to 66 cents a share as of late Thursday morning.
The SEC filing says Nikola’s failure to meet the requirement or other Nasdaq continued listing standards could result in the delisting of its common stock, which could have an adverse impact on the liquidity and market price of our common stock.
Nikola designs and makes zero-emission battery-electric vehicles, hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems, and hydrogen station infrastructure.
The company is pleading with stockholders to approve an increase in the authorized number of common stock shares, as well as approve expanding limitations on payment-in-kind bonds.
Without the additional shares, Nikola says its ability to continue its ongoing operations and objectives, including Nikola’s need for capital, will be out of reach.