Reported 2 days ago
Nikola Corp. has filed for Chapter 11 bankruptcy, ending a prolonged decline for the electric-vehicle manufacturer that faced weak sales and a fraud scandal. With total debts and lease obligations amounting to $98 million, the company is now seeking to auction its assets while grappling with severe cash flow issues and a staggering drop in stock value, having lost 97% over the past year. Despite efforts to secure funding and interest from potential buyers, the company's future remains uncertain as it navigates a challenging EV market.
Source: YAHOO