Electric trucking startup Nikola is seeking to sell its remaining assets as early as April, according to lawyers for the company. At least three interested buyers have expressed interest in acquiring the entire business, with potential bids due by late March. If a buyer cannot be found, Nikola plans to auction off its assets, including a factory in Arizona, to satisfy over $1 billion in liabilities.
The move comes after Nikola filed for Chapter 11 bankruptcy protection and announced it would no longer operate as a standalone company. The company has been plagued by drama following the conviction of founder Trevor Milton on multiple counts of securities fraud.
Nikola had attempted to sell itself several times before filing for bankruptcy, with Goldman Sachs and other firms expressing interest in acquiring the company. However, negotiations have stalled or fallen through due to concerns over funding requirements.
The company’s CEO, Stephen Girsky, stated that Nikola worked with law firm Houlihan Lokey to solicit 24 financial investors, but received negative feedback on its ability to turn around the business. In recent months, Nikola has engaged in discussions with potential buyers and is marketing some of its most valuable assets for sale.
The bankruptcy case is expected to be “uneventful and smooth,” according to one lawyer representing Nikola. The company plans to continue soliciting interest until March 27, with a proposed auction date of March 31. A hearing on any potential sale is scheduled for mid-April.
Source: https://techcrunch.com/2025/02/20/bankrupt-nikola-wants-to-sell-its-whole-business-by-april