On February 19, 2025, Nikola Corporation announced that it and certain subsidiaries have voluntarily filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The company seeks authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code, aiming to sell all or part of its assets to maximize stakeholder value.
During this process, Nikola plans to continue limited operations, including direct service and support for existing trucks and certain HYLA fueling operations through the end of March 2025. The company enters Chapter 11 with approximately $47 million in cash to fund these activities and facilitate the sale process.
CEO Steve Girsky cited market and macroeconomic challenges as factors leading to this decision, despite efforts to raise capital and reduce liabilities.
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