Shares of Nikola Corp. (NKLA) plunged on Wednesday after the EV-maker filed for Chapter 11 bankruptcy protection following its failure to raise capital and preserve cash for its operations. The company has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.

Nikola (NKLA) shares plunged by over 50% on Wednesday after the electric vehicle (EV) maker was unable to raise funds or secure a buyer and filed for Chapter 11 bankruptcy. This comes over a year after Nikola founder and former CEO Trevor Milton was sentenced to four years in prison on fraud charges.

Nikola Corporation (NASDAQ:NKLA) plunged in early trading on Wednesday after the company announced that it filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

Nikola Corporation (NASDAQ:NKLA) shares are trading lower in the premarket session on Wednesday, after it filed for Chapter 11 bankruptcy, seeking to auction its assets while continuing limited operations through March 2025.

Nikola filed for Chapter 11 bankruptcy protection, according to a court filing on Wednesday, as the electric truck maker battled rapid cash burn and struggled to raise additional funds amid uncertain demand for its hydrogen and battery-powered big rigs.

Nikola (NKLA) filed for Chapter 11 bankruptcy, with $47 million in cash, limited operations through March, and plans for a quick asset sale

Embattled electric vehicle maker Nikola Corp. (NKLA) has filed for Chapter 11 bankruptcy amid declining sales and mounting financial losses. The Arizona-based automotive start-up that was once a favorite stock of retail investors said it was forced

Nikola, the hydrogen-truck maker that briefly sported a market value comparable to Ford Motor, has filed for bankruptcy with plans to wind down its business.