Zero-emissions car company Nikola Corporation has filed for Chapter 11 bankruptcy protection but hopes to continue operating while it seeks a buyer.
"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," said Steve Girsky, President and CEO of Nikola. "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 for the Company and its stakeholders."
