Unlock Editor’s Digest Lock for Free
FT editor Roula Khalaf will select your favorite stories in this weekly newsletter.
Nicola, a hydrogen-powered truck maker convicted of securities fraud by founder Trevor Milton, plans to file for Chapter 11 bankruptcy and auction off intellectual property and other assets.
The Arizona-based company said Wednesday that its efforts to maintain its business fell to $47 million in cash.
Nikola reached a market capitalization of approximately $300 billion in 2021 after listing its shares through a merger with a special purpose acquisition company. However, the company was only cumulatively producing hundreds of its flagship hydrogen-powered trucks.
This is a developing story
