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 Phoenix, Arizona-headquartered EV maker, filed for Chapter 11 bankruptcy due to monetary concerns and being a part of a struggling market.

Shares of Nikola, a battery and hydrogen fuel-cell-powered truck maker, plunged after the company announced on Wednesday that it and its subsidiaries have filed for Chapter 11 bankruptcy protection. “Like other companies in the electric-vehicle industry,