India, Feb. 7 -- Shares of Nikola Corp. (NKLA) tumbled nearly 33% on Friday amid reports that the electric truck maker is considering a bankruptcy filing.
According to The Wall Street Journal, the company has been working with law firm Pillsbury Winthrop Shaw Pittman to explore restructuring options, including a potential sale or Chapter 11 protection.
Nikola has faced significant challenges since going public in 2020, including a mass vehicle recall in 2023 and the conviction of its founder, Trevor Milton, for fraud, resulting in a four-year prison sentence. In January, Bloomberg reported that the company was seeking ways to address its financial struggles, including a possible sale.
Sources indicate that Nikola is preparing for a poten...