CNBC: Embattled EV maker Nikola files for Chapter 11 bankruptcy protection

CNBC reports:

Nikola Corp. — an auto startup that was once a favorite of Wall Street analysts and retail investors — filed for bankruptcy protection after failing to secure a buyer or raise additional funds to maintain operations.

Nikola said Wednesday that it plans to pursue an auction and sale process of its assets, pending court approval. The company said it has approximately $47 million in cash to fund its bankruptcy activities, implement the sale process and exit Chapter 11.

“Like other companies in the ...