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

Nikola said Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters.

Nikola Corp. will have $47 million in cash on hand to navigate Chapter 11 process. It hopes to wind down its Coolidge operations in March.