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Nikola Corporation (NASDAQ:NKLA) shares are moving lower on Friday following a report suggesting that the company is considering filing for bankruptcy.
According to the Wall Street Journal, the company is currently working with law firm Pillsbury Winthrop Shaw Pittman to consider its options, which include bankruptcy, a sale or restructuring.
This comes after the company, in December, raised $300 million through debt and equity offerings to secure capital for its working capital needs. Nikola’s CFO Thomas Okray informed investors last year that the company's cash reserves were expected to last only until April of this year.
According to its 2024 fiscal-year third-quarter earnings report, the company produced about 80 trucks at a net loss of almost $200 million.
The company is expected to report earnings for the fourth-quarter on February 20 before the market opens.
Related Link: Bank Bradesco: Q4 Earnings Insights
NKLA Price Action: At the time of publication, Nikola shares are trading 35.4% lower at 49 cents, according to data from Benzinga Pro.
Image: via Shutterstock
Posted In: NKLA
