Why Nikola Shares Jumped Friday
Nikola (NASDAQ: NKLA) shares have been on a roll in June, and that boost brought good news for the company. After having soared by more than 125% this month, Nikola stock jumped again by as much as 14% Friday morning after the company announced it is back in market listing compliance. As of 10:39 a.m. ET, shares remained up by 12.3%.
The electric vehicle (EV) maker's stock price gains have now brought it back into compliance with the Nasdaq Stock Exchange's listing requirements, the company said in a filing Thursday. Nasdaq requires, among other things, that companies listed on its exchange maintain a minimum $1 share price. Nikola's share price dropped below that level in April, but it has now been back above that minimum for the required 10 consecutive business days.
That's also good news for shareholders as Nikola will likely need to continue to use capital markets to raise additional funds as it works to grow its electric heavy truck business.
Source Fool.com
