Shares of the troubled battery-electric vehicle maker Nikola Corporation dropped over 50% during Wednesday's premarket hours following the news that the company filed for bankruptcy protection in Delaware.
"Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate," CEO Steve Girsky stated. The company disclosed that it has approximately $47 million in cash to fund bankruptcy proceedings, facilitate the sale process, and support its exit from Chapter 11.
The group's stock plunged 51.83%, going for $0.3950 apiece at 8:06 am ET.
