Shares of Nikola Corp. (NKLA) plunged on Wednesday after the EV-maker filed for Chapter 11 bankruptcy protection following its failure to raise capital and preserve cash for its operations. The company has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.

The struggling zero-emission OEM has faced increasing financial struggles since bursting on the scene with electric and fuel cell Class 8 tractors. With dwindling cash on