The ailing electric car manufacturer Nikola has successfully managed to secure its stay on the US stock exchange NASDAQ through a capital measure. As per an SEC filing, the company received a notification from Nasdaq Stock Market LLC on July 10 that Nikola once again meets the requirements of Nasdaq Listing Rule 5450(a). This rule mandates that companies on the Nasdaq Global Select Market must maintain a minimum bid price of $1.00 per share.

Nikola had announced a 30:1 reverse stock split in April and executed it in June. As a result, every 30 shares were consolidated into one, significantly increasing the apparent value of each individual share. "The primary purpose of the reverse stock split is to increase the trading price of our common stock per share to maintain the listing of our common stock on the Nasdaq Global Select Market and to avoid a delisting of our common stock from Nasdaq due to the minimum price requirement," Chairman Steven Shindler explained in a statement to the SEC.

Although Nikola's stock now exceeds the required minimum price, operational challenges remain. A look at the latest quarterly report shows that the company was able to reduce its loss in the first quarter compared to the previous year, but it did not meet investors' expectations. Investors had expected better figures both in terms of earnings and revenue.

Nevertheless, unexpectedly positive news led to a rise in Nikola's stock, which had already lost around 62 percent of its value this year. The latest delivery numbers surpassed market expectations. In the first half of 2024, Nikola sold 112 hydrogen fuel cell trucks wholesale. "We maintained our momentum in 2024 with solid wholesale numbers, new customers like Walmart Canada, and returning customers like 4GEN and IMC, who purchase vehicles through our dealership network," said CEO Steve Girsky. "We are firmly in the field and continue to secure our first-mover advantage in zero-emission Class 8 trucks in North America, as well as with our HYLA hydrogen refueling solutions.

The news of the secured stock market listing led to a continuation of the recent stock rally. On Thursday, Nikola's stock rose by 5.16 percent to $9.99 on NASDAQ. On Friday, the price fell moderately by 0.1 percent to $9.98.