NKLA Stock Plunges as Nikola Announces 1-for-30 Reverse Split

Nikola's board of directors has approved a one-for-30 reverse stock split for NKLA shares. This comes after shareholders approved a split ranging from one-for-10 to one-for-30 during an annual shareholder meeting earlier this month. It's also worth noting that this reverse stock split will adjust how many authorized shares of NKLA stock are allowed. The company notes that this change will drop from 1.6 billion shares to 1 billion shares. Nikola is going forward with a reverse stock split to boost the price ...