Troubled electrical car maker Nikola has filed for Chapter 11 chapter safety.
The corporate, as soon as a rising star on Wall Road, turned enmeshed in scandal and its founder was convicted in 2022 for deceptive traders concerning the firm’s capabilities.
The Arizona firm filed for defense in the USA Chapter Court docket for the District of Delaware and mentioned Wednesday that it has additionally filed a movement looking for approval to pursue an public sale and sale of the enterprise.
Nikola plans to to proceed restricted service and help operations for automobiles on the street, together with sure HYLA fueling operations by the tip of March, topic to court docket approval. The corporate mentioned that it’s going to want a number of companions to help these forms of actions after that point.
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