A reverse stock split allows a company to consolidate its shares, increasing the stock price by reducing the overall number of shares in circulation.

Trevor Milton awaits sentencing on Monday following a fraud conviction for deceiving investors about the company’s technology.

Nikola has had a history of difficulty retaining executives, especially after the ouster of the founder and former CEO Trevor Milton in 2020.

Nikola Corporation exhibited significant progress in its transition to hydrogen-fuel cell trucks by securing 277 non-binding orders.