Nikola, a troubled electric vehicle manufacturer, has filed for Chapter 11 bankruptcy protection as it faces financial difficulties exacerbated by various market and macroeconomic factors. CEO Steve Girsky indicated that the company had taken measures to raise capital and mitigate liabilities, but these efforts were insufficient. With $47 million in cash reserves, Nikola plans to continue day-to-day operations and has applied to sell parts of its business while restructuring. The company's stock has plummeted over 95% since 2024.
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.
Unfortunately, our very best efforts have not been enough to overcome these significant challenges, and the Board has determined that Chapter 11 represents the best possible path forward under the circumstances.
Collection
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