What's Going On With Nikola Stock Today?

Nikola Corporation NKLA shares are trading higher Thursday. On Wednesday, Nikola announced that it would adjourn and reconvene its annual meeting of stockholders on July 6, 2023.

What To Know: Nikola aims to give stockholders additional time to vote for Proposal 2, which would allow Nikola to increase the authorized number of shares, giving the company greater flexibility to promote the future growth and development of its business.

Under a new proposed law recently passed by the Delaware State Senate, reducing the threshold for approval to a majority of the shares voting on the proposal, Nikola would have a sufficient number of votes today to secure approval for Proposal 2. The pending legislation is expected to be effective August 1.

Nikola is also only weeks away from the initial commercial production of its hydrogen fuel cell electric truck. The approval of Proposal 2 is integral to this, otherwise Nikola said its business goals will be delayed or at risk.

Nikola exhibited unusually high volume Thursday with nearly 50 million shares exchanged at publication time versus its average of approximately 700,000. It's also important to note that Nikola has high short interest of 16.46%, per Benzinga Pro.

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NKLA Price Action: Shares of NKLA were up 3.37% at $0.61 at the time of publication, according to Benzinga Pro.

Image by Arek Socha from Pixabay