Nikola said Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters.

Shares of Nikola, a battery and hydrogen fuel cell-powered truck maker, plunged after the company announced Wednesday that it and its subsidiaries have filed for Chapter 11 bankruptcy protection. “Like other companies in the electric vehicle industry,

The electric vehicle startup Nikola has filed for bankruptcy protections after it failed to secure new money or locate a buyer to keep operating.