What's Going On With Nikola (NKLA) Shares

Nikola Corp NKLA shares are trading higher by 15% to $1.61 Friday morning on heavy volume and amid overall market strength. The EV maker also gained last week after shareholders reportedly rejected the company's proposal to issue more stock shares.

Also, according to Barron's on Wednesday, the International Energy Agency (IEA) predicts global oil demand could peak before the end of this decade due to the energy crisis and the acceleration of cleaner technologies. The IEA expects annual demand growth to slow significantly over the next five years.

Nikola is also higher by some 108% over the trailing five sessions as the stock trends across social media platforms.

See Also: Nikola Stock Surges After Breaking Up From Bearish Trend Line: The Bull, Bear Case

What Else Is Going On With Nikola?

Additionally, NKLA shareholders last week reportedly rejected the company's proposal to issue more stock shares. The stock is up on continued momentum after the company announced that it would adjourn and reconvene its annual meeting of stockholders on July 6, 2023.

Nikola seeks to extend the voting period for Proposal 2, enabling the company to expand its authorized shares and enhance flexibility in fostering future business growth and development.

With a new proposed law in Delaware reducing the approval threshold to a majority of voting shares, Nikola currently has enough votes to secure approval for Proposal 2. The pending legislation is anticipated to become effective on August 1...Read More

According to data from Benzinga Pro, NKLA has a 52-week high of $8.97 and a 52-week low of $0.52.