EV maker Nikola files for bankruptcy protection

1. Nikola filed for Chapter 11 bankruptcy protection amid financial struggles. 2. Company's stock dropped over 95% from early 2024 to current levels. 3. Nikola has $47 million cash on hand to sustain operations. 4. Investigation and fraud allegations significantly impacted Nikola's reputation. 5. Nikola plans to reorganize and has applied to sell the business.