The US logo Nikola was shown at an event held to introduce new CNH trucks with full electric and hydrogen fuel stations in partnership with US Nikola Event in Turin, Italy, December 3, 2019.
Massimo Pinc | Reuters
Detroit – Nikola Corp. – Auto startup, which was once a favorite for analysts on Wall Street and retail investors – filed for bankruptcy protection after failing to provide a buyer or raise additional funds to maintain operations.
Submissions of the application indicates the finals of a long -standing company based in Phoenix falls from Grace. At the height of 2020, Nicholas was appreciated more than Ford engine at $ 30 billion, incide a Multi -dollar contract with General Motors And it was considered to be superior automatic starts that publicly publicly connect the companies to acquire special purposes.
The fall of the company has taken place over the years, burning scandals and lies involving his founder and former executive director and chairman Trevor Milton. Fast, energetic, shameful executive director was convicted of fraud in wires and securities fraud 2022 for the delusion of investors on Nikola’s operation and technology of zero-emission.
Trevor Milton, founder of Nikola Corp., arrives on a New York court, on Monday, September 12, 2022.
Victor J. Blue | Bloomberg | Getty Images
Controversies were first published by the short-term Hindenburg Research after an agreement with GM in which he included a car manufacturer in Detroit Roles in the amount of $ 2 billion in launch.
Nicholas are the basic products of a completely electric and electric semitucks for fuel cells, which began to produce 2022. Since the third quarter last year, the company has since produced only 600 vehicles. Many of these vehicles were withdrawn for flaws, which cost the author of the cars of tens of millions of dollars.
Ever since he moved from the President to the CEO in 2023, Steve Girsky has held Nikola moving forward, including the production of zero show trucks, but the company’s capital has been reduced.
Nikola warned investors of his conference call in the third quarter that the company had enough money to support its business In the first quarter 2025 but not further. Nicholas reported on $ 198 million in cash to end the third quarter.
Nikola’s stock
In October, Girsky said that Nicholas “actively talks to a lot of potential different partners who value what we do and appreciate what we have built.”
Girsky, a former bank analyst and GM CEO took over Nikola the public through his SPAC in June 2020. He was a catalyst for several EV companies to publicly pass through Spacs publicly.
Similar to Nicholas, most, if not all, has They failed to meet their initial expectations. Many were the center of federal investigations, scandals and executives.
Nikola’s shares have traded under $ 2 per share since the beginning of December. Including the reverse of 1-for-30 findings last year, FactSet reports that the price to close all time was almost $ 80 in June 2020.
