Struggling electric truck company Nikola said it was filing for Chapter 11 bankruptcy protection on Wednesday and would sell off its assets, effectively ending a challenging journey punctuated by rapid cash burn, allegations of fraud, and the incarceration of its first CEO and founder.
Nikola said it would seek an auction and sale process, pending court approval. The company said it had $47 million in cash on hand to fund its bankruptcy proceedings, implement the sale process, and exit Chapter 11. Nikola listed assets of between $500 million and $1…