Nikola (NASDAQ: NKLA) has been working to grow a customer base for its hydrogen-fueled electric trucks. The company, in fact, announced a large order for the electric vehicles (EVs) last month.

But investors haven't been impressed and Nikola stock has struggled. That has led to a dwindling stock price and now a decision to perform a reverse stock split. The details for a reverse stock split were provided this week, but investors already knew one was coming. Yet the reaction was for Nikola shares to tumble over 30% as of Thursday afternoon trading, according to data provided by S&P Global Market Intelligence.

That's because one detail from the announcement didn't provide any new confidence among investors.

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Source Fool.com