Troubled electric vehicle maker Nikola has filed for Chapter 11 bankruptcy protection months after saying that it would likely run out of cash early this year. The company, once a rising star on Wall Street, became enmeshed in scandal and its founder was convicted in 2022 for misleading investors about the company's technology.

Arizona-based electric vehicle maker Nikola filed for Chapter 11 bankruptcy protection following financial struggles and difficulty finding investors. Nikola filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware on Wednesday.