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Why did Nikola stock drop today?

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Shares of electric-semi start-up Nikola (NASDAQ:NKLA) were trading lower on Wednesday on dilution concerns after the company announced a plan to redeem its publicly traded warrants by issuing millions of new shares. At 1:30 p.m. EDT, Nikola's shares were trading at $37.21, down about 6.4% from Tuesday's closing price.
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