Nikola previously announced on February 19, 2025 that Nikola and certain of its domestic subsidiaries filed voluntary petitions for relief under chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.
Nikola entered Chapter 11 with approximately $47 million in cash on hand to fund the foregoing activities, implement the postpetition sale process, and exit Chapter 11 through a plan process. Given the Company’s liquidity profile and the anticipated expense of the cases and limited operations in Chapter 11, the Company has requested authority from the Court to consummate a sale of its assets on a timeline that balances its liquidity needs with its significant prepetition marketing efforts to best position the Company to maximize value for its stakeholders.
Once the Nasdaq delisting on Form 25 becomes effective, Nikola intends to file a Form 15 to deregister with the SEC.
