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Battered by sluggish sales and embroiled in fraud scandals, electric vehicle manufacturer Nikola Corp. underwent a tumultuous period of executive turnover, culminating in its bankruptcy filing. On Wednesday, the company initiated Chapter 11 bankruptcy proceedings in Delaware, aiming to reorganize and potentially liquidate its assets. Court documents indicate that Nikola's assets are estimated to be between $500 million and $1 billion, while its liabilities stretch from $1 billion to $10 billion. These documents underscore the company's dire situation, characterized by cash shortages, declining sales, and a nosedive in stock prices. Earlier in the month, rumors circulated that Nikola was contemplating bankruptcy, to which the company responded by acknowledging its efforts to "raise funds through all available means."
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