Here’s Why VectoIQ Acquisition Corp. [NASDAQ: VTIQ] Stock Soared Since May

VectoIQ Acquisition Corp. [NASDAQ: VTIQ] has experienced a huge gain since the beginning of May and verified a 130% increase through the market close on May 13. VectoIQ is a special acquisition company is looking forward to completing a merger with Nikola Motor in June. VectoIQ total price change reached 134.5%.

Earlier, VTIQ released its result of Q3 ended on September 30, 2019. The company bears the loss of USD 243,113. The net income of VTIQ was USD 760,030. VectoIQ Acquisition stocks climbed as the company is entering in the merger with Nikola. Nikola is a leader in the race to build zero-emission semi-trucks.

Shares of VectoIQ soared 11.81% at $30.30 in the last trading session but plunged 10.92% in the pre-market trading session. VTIQ opened at $32.68 and a previous close was $27.10. The firm has a day low range of $25.10 and the day high range of $35.38. It has a trading volume of 44,573,936 as contrasted to its average volume of 2.79 million.

At its current price, it has increased by 9.93% from its 52-week high, and it has moved up 205.44% from its 52-week low. The firm has total market capitalization 898.09 million. Nikola is making two versions of an electric semi. One version of the company is using propriety batteries which scheduled to develop next year. Other version uses hydrogen fuel cells will develop about two years later.

Nikola has more than 14,000 pre-orders of an electric semi, comprised of over $10 billion. Both the companies after a merger will be named as Nikola Corporation. The new company will start its trading on the Nasdaq Capital market and use the ‘NKLA’ ticker.

 As per the merger, stockholders of Nikola will get 1,901 shares of VTIQ. After the deal, Mark Russell’s current President will become the CEO of a new company. Milton is going to become the Executive Chairman of the new company. VTIQ is arranging a meeting to decide the closure date of the deal on June 2. As per the expectation deal will close in mid-May.

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Author: Dwinnex Team

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