What's Going On With Nikola Stock Friday?
Portfolio Pulse from Anusuya Lahiri
Nikola Corp (NASDAQ:NKLA) has won shareholder approval to increase the authorized number of shares of common stock, which will allow the company to raise cash by issuing new shares as needed. The company plans to use the funds raised for the production ramp of its new hydrogen fuel cell electric vehicle and expansion of its hydrogen refueling network. Nikola will report its Q2 results on August 4, with expected revenue of $15.43 million and an EPS loss of $(0.22).
August 04, 2023 | 3:13 pm
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Nikola's approval to increase authorized shares could lead to a short-term increase in stock price due to potential cash influx. However, the upcoming Q2 results and the company's ability to deliver on its production promises will be critical.
The approval to increase authorized shares allows Nikola to raise cash as needed, which could boost investor confidence and lead to a short-term increase in stock price. However, the company's upcoming Q2 results and its ability to deliver on its production promises for the new hydrogen fuel cell vehicle will be critical factors influencing the stock's performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100