Nikola Regains Compliance With Nasdaq Listing Rules, Shares Inch Higher

Nikola Corporation NKLA shares are getting a bit of a lift in extended trading Wednesday after the company announced it successfully regained compliance with Nasdaq listing rules.

What To Know: Nikola said in a new filing that it received written notice from the Nasdaq on Wednesday informing the company that it regained compliance with listing rules that require companies to maintain a minimum bid price of $1 per share.

The news comes after Nikola enacted a 1-for-30 reverse stock split to comply with Nasdaq requirements near the end of June. The stock has been trending lower for the better part of the past two years, but it has perked up in recent trading sessions.

The recent bounce in the stock appears to be driven by an announcement from last week that Nikola sold more trucks than it expected to in the second quarter. 

“We have maintained our 2024 momentum with solid wholesale numbers, new customers such as Walmart Canada, and repeat customers like 4GEN and IMC, purchasing vehicles through our dealer network,” CEO Steve Girsky said at the time.

Nikola on Tuesday scheduled its second-quarter earnings call for Aug. 9. The EV maker is expected to report a loss of $2.80 per share and revenue of $25.688 million, according to estimates from Benzinga Pro.

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NKLA Price Action: Despite rallying in recent sessions, Nikola shares are still down more than 63% year-to-date. The stock was up 0.11% after hours at $9.51 at the time of publication, per Benzinga Pro.

Photo: Courtesy of Nikola.