Nikola (NKLA), once valued at around $30 billion, filed for bankruptcy. The news was not unexpected, given Nikola’s cash burn and dilutive shares sales, which were just unsustainable. Things reached a point where Nikola’s market cap fell below its quarterly cash burn.

Electric vehicle startup Nikola filed for Chapter 11 bankruptcy on Wednesday and plans to move forward with an auction of its assets, pending court approval.

Nikola, a Phoenix-based manufacturer of zero-emissions trucks, announced it will pursue an auction and sale process for its assets as it grapples with ongoing financial difficulties. The post Nikola files for Chapter 11 bankruptcy protection appeared first on FreightWaves.

Shares of Nikola, a battery and hydrogen fuel-cell-powered truck maker, plunged after the company announced on Wednesday that it and its subsidiaries have filed for Chapter 11 bankruptcy protection. “Like other companies in the electric-vehicle industry,

Nikola on Feb. 19 filed the voluntary petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, seeking authorization for an auction or sale of its assets.

Nikola (NKLA) shares plunged by over 50% on Wednesday after the electric vehicle (EV) maker was unable to raise funds or secure a buyer and filed for Chapter 11 bankruptcy. This comes over a year after Nikola founder and former CEO Trevor Milton was sentenced to four years in prison on fraud charges.

Nikola Corp. shares took a massive hit on Monday as investors sold off the Phoenix-based electric truck maker’s stock ahead of its pending Nasdaq delisting amid a Chapter 11 bankruptcy filing. Some 45.