Electric trucking startup Nikola is hoping to sell what remains of its whole business as early as April, lawyers for the company told a judge Thursday during the first hearing of its bankruptcy case in Delaware.
Nikola Corporation (Nasdaq: NKLA), a once-promising electric vehicle startup, filed for Chapter 11 bankruptcy protection Wednesday after failing to secure a buyer or raise additional funds to sustain operations. The Phoenix-based company, known for its hydrogen and battery-electric trucks, announced that it will pursue a structured sale of its assets under Section 363 of the U.S. Bankruptcy Code.
Electric vehicle startup Nikola (NKLA) filed for Chapter 11 bankruptcy and plans to move forward with an auction of its assets, pending court approval, the company said Wednesday.
On Wednesday, the electric vehicle maker -- which paid $125 million to settle claims it misled investors -- said it is seeking an auction and sale process of its assets.
After years of decline, the heavy-duty electric vehicle (EV) maker Nikola (NASDAQ: NKLA) found itself on a major rollercoaster ride in mid-February 2025.
Nikola to pursue an auction and sale of its assets, and will continue “limited operations” during the sale process.
The company, which once enjoyed a surging stock price, struggled to turn its plans for electric and hydrogen trucks into a viable business.
Electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection, it said Wednesday. Company executives said in October that the EV maker only had enough cash to operate until Q1 2025.
Nikola Corp (NASDAQ:NKLA) stock plummeted after the heavy-duty electric vehicle manufacturer revealed it has filed for Chapter 11 bankruptcy. The Phoenix, Arizona-based company said it has initiated an auction and sale process for its assets, with potential buyers including both strategic and financial investors.
Nikola Corp (NASDAQ:NKLA) shares were down more than 38% in early trading Friday after a report from The Wall Street Journal said the hydrogen and electric truck technology company was close to filing for bankruptcy. The report, published Thursday, said Nikola was working with advisors to explore options for restructuring its debt.