Nikola said Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters.

Nikola – a once popular auto startup of investors – filed for bankruptcy protection after failing to secure a buyer or raise additional funds.

The electric vehicle startup Nikola has filed for bankruptcy protections after it failed to secure new money or locate a buyer to keep operating.