EV truck maker Nikola goes bust

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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…



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EV truck maker Nikola goes bust


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…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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