EV Truck Startup Nikola Files for Chapter 11 Bankruptcy
1. Nikola filed for Chapter 11 bankruptcy and plans asset auction. 2. The company has $47 million cash for bankruptcy operations. 3. Nikola's market cap once surpassed Ford's before significant recalls. 4. Recent capital raises failed to offset ongoing operational challenges. 5. CEO cited macroeconomic factors impacting company's sustainability efforts.