Nikola Corporation (NASDAQ:NKLA) shares are trading lower in the premarket session on Wednesday, after it filed for Chapter 11 bankruptcy, seeking to auction its assets while continuing limited operations through March 2025.

Nikola Corporation (NASDAQ:NKLA) plunged in early trading on Wednesday after the company announced that it filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

EV maker Nikola Corporation filed for Chapter 11 bankruptcy protection on Wednesday after the embattled company faced “significant" macroeconomic challenges.

Shares of Nikola, a battery and hydrogen fuel-cell-powered truck maker, plunged after the company announced on Wednesday that it and its subsidiaries have filed for Chapter 11 bankruptcy protection. “Like other companies in the electric-vehicle industry,