Nikola Corp., once valued at $30 billion, has filed for Chapter 11 bankruptcy following struggles to secure additional funding and find a buyer. The company's decline was marked by scandals involving its founder, Trevor Milton. Nikola plans to auction its assets, including its Class 8 hydrogen fuel cell trucks, as it attempts to navigate its financial challenges. Despite efforts to raise capital and clean up its balance sheet, CEO Steve Girsky stated these actions were insufficient to overcome the hurdles, leading the board to conclude bankruptcy was the best route for stakeholders.
Hydrogen electric trucking startup Nikola Corp. filed for Chapter 11 bankruptcy protection Wednesday after it failed to find a buyer or secure additional funds to maintain operations.
In recent months, we have taken numerous actions to raise capital, reduce our liabilities, clean up our balance sheet and preserve cash to sustain our operations.
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