The embattled EV truck maker Nikola is going kaput. The company just announced a filing for Chapter 11 bankruptcy protection and a plan to sell off assets. These assets will be sold at an auction, pending court approval. Nikola noted it has $47 million in cash on hand to fund the bankruptcy proceedings and begin the sale process. The company has reported between $500 million to $1 billion in assets, but liabilities totaling $1 billion to $10 billion, according to a court filing.
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