Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year. Nikola was a hot start-up and rising star on Wall Street before becoming enmeshed in scandal and its founder was convicted in 2022 for misleading investors about the Arizona company's

The company, which once enjoyed a surging stock price, struggled to turn its plans for electric and hydrogen trucks into a viable business.

Electric vehicle startup Nikola filed for Chapter 11 bankruptcy on Wednesday and plans to move forward with an auction of its assets, pending court approval.