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PHOENIX, AZ – Nikola (OTC:NKLAQ) Corporation, a manufacturer of zero-emissions vehicles with a market capitalization of just $8.61 million, announced on Monday that its Board of Directors has approved the voluntary delisting of its common stock from the Nasdaq Stock Market. This decision follows a notification from Nasdaq on February 19, 2025, stating that Nikola’s stock would be delisted due to non-compliance with the exchange’s listing requirements. According to InvestingPro data, the company’s stock has lost over 99% of its value in the past year.
Trading of Nikola’s shares was suspended starting February 26, 2025, and the company now plans to file a Form 25 with the Securities and Exchange Commission (SEC) around April 3, 2025, to formally remove its common stock from Nasdaq. The delisting is expected to take effect at the opening of business approximately ten days later, around April 14, 2025.
Subsequent to the delisting, Nikola intends to file a Form 15 with the SEC, which will suspend its reporting obligations under the Securities Exchange Act of 1934. The company’s forward-looking statements indicate that this move is part of a strategic response to its current financial status and the outcome of its bankruptcy filing.
In its recent filings, Nikola has cautioned that the delisting and suspension of reporting obligations could affect the trading price and volatility of its common stock. The company has also mentioned that the timing and amount of any distributions to stakeholders, as a result of the bankruptcy process, remain uncertain.
Nikola’s recent financial reports and filings with the SEC, including the Quarterly Report for the quarter ended September 30, 2024, contain further details regarding the risks and uncertainties faced by the company.
The information in this article is based on Nikola Corporation’s most recent SEC filing.
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