Nikola's Electric Dream Hits a Wall: Bankruptcy and a Rush to Sell

Nikola's bankruptcy: Electric truck startup faces sale by April. Discover the timeline, potential buyers, and the company's tumultuous journey.

Matilda

Nikola's Electric Dream Hits a Wall: Bankruptcy and a Rush to Sell

The once-promising electric trucking startup, Nikola, has reached a critical juncture, filing for Chapter 11 bankruptcy and initiating a rapid sale process. Lawyers representing the company revealed during the initial bankruptcy hearing in Delaware that Nikola aims to sell its entire business by April 2025. This move marks a dramatic turn for a company that had previously garnered significant attention and investment in the burgeoning electric vehicle (EV) sector. The Timeline: A Race Against Time Nikola's legal team has outlined an aggressive timeline for the sale. They have already identified at least three potential buyers, though these entities remain undisclosed. The company intends to solicit additional bids, with a submission deadline set for late March. If a complete acquisition fails to materialize, Nikola will resort to selling its assets piecemeal to address its substantial liabilities, which exceed $1 billion. The company's assets are estimated to be between $500 mil…

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