Hydrogen and battery-powered truck manufacturer Nikola has filed for Chapter 11 bankruptcy with approximately $47m in cash on hand.
A statement released by the controversial company said that Nikola, along with certain subsidiaries, “have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.”
Nikola previously attempted to raise capital, cut costs and restructure but ultimately failed to overcome financial challenges. The firm was exploring the potential sale of parts or even the entirety of the business, according to reports last month (January).
