- Nikola has applied for bankruptcy protection
- The company applies for approval to sell remaining assets
- The company was once more worth the Ford during the EV -Start -up booms
Nikola announced on Wednesday that it submitted Chapter 11 Insolvency ProtectionWith a growing list of high -quality EV startups that have been exposed to a similar fate in recent years, including Lordstown Motors, Fisker and Canoo.
Nikola was founded in 2014 and explained to apply for approval for the sale of his assets and continue to support it by the end of March to support existing customers and certain hydrogen fuel companies. Among his assets is approximately 47 million US dollars in cash at hand.
Nikola has not yet announced its finals in the fourth quarter of 2024, but in a submission last December it reported a net loss of $ 481.2 million in the first nine months of the year.
In a statement, CEO Steve Girsky said that the company has tried to procure capital in the past few months and reduce its debts.
Nikola Badger
Nikola was once considered one of the more promising EV startups. First, the company focused on battery-operated electrical trucks before passing over electric vehicles with hydrogen fuel cells and hydrogen fuel operation called HYLA. There was also a partnership with General Motors that contained a plan for Bau A Hydrogen -pickup truck called the badger.
In 2020, however, a twist was examined when the DOJ and SEC examined Nikola for fraud allegations that were raised by the Hindenburg Research investment company. At that time, the original CEO and founder of Nikola, Trevor Milton, resigned from the company. He was later found guilty for securities and cable fraud, which led to a four -year prison sentence, while the company reached an agreement with the SEC. In addition, the company was available in 2023 with vehicle fires and a subsequent recall.
The current share price of Nikola estimates the company with less than 50 million US dollars – a strong decline compared to the 27 billion US dollar evaluation It held in 2020 during the EV start -up boom when it was rated more than Ford.
