Nikola Corp ( NKLA ) shares are trading lower by 30.1% to 26 cents Monday morning. The company last week announced it received a delisting letter from the Nasdaq. The company has also filed for Chapter 11 bankruptcy in Delaware, seeking to auction assets while maintaining limited operations through March 2025.

What To Know: The electric truck maker has struggled financially, with its stock losing some 98% in the past year. Despite raising $300 million in December, its $47 million cash reserves were projected to last only until April 2024.

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The company will continue supporting its hydrogen fuel cell trucks and HYLA fueling network but seeks partners to sustain operations beyond March 2025.

What Else: CEO Steve Girsky highlighted Nikola's ( NKLA ) achievements, including North America’s first Class 8 hydrogen fuel cell trucks, but acknowledged market challenges had made survival impossible despite aggressive cost-cutting and fundraising efforts.

Nikola ( NKLA ) joins EV startups like Fisker and Lordstown Motors in financial distress as capital markets tighten and demand wanes. It reported assets between $500 million and $1 billion, with liabilities ranging from $1 billion to $10 billion, highlighting its deep financial troubles.

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According to data from Benzinga Pro, NKLA has a 52-week high of $34.50 and a 52-week low of $0.27.