Nikola (NKLA) said Wednesday that it and certain subsidiaries filed voluntary petitions for Chapter 11 bankruptcy in the US bankruptcy court for the district of Delaware.
Shares were down more than 55% in recent premarket activity.
The electric truckmaker said it also requested approval to pursue an auction and sale process under Section 363 of the US bankruptcy code. Nikola said it intends to continue limited operations during the sale process, including supporting trucks in the field and HYLA fueling operations until March 2025.
With about $47 million in cash, Nikola said it plans to fund operations, the sale process, and its exit strategy through a court-approved plan. Nikola said that a structured sale process is the best way to maximize asset value and is open to binding offers from strategic and financial buyers.
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