Nikola has been struggling to raise funds, and its cash balance has dwindled as it continues to lose hundreds of thousands of dollars for every unit sold.
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Electric-truck maker Nikola is nearing filing for a bankruptcy, the Wall Street Journal reported on Thursday, citing people familiar with the matter.
The Phoenix, Arizona-based company was working with law firm Pillsbury Winthrop Shaw Pittman to explore options including a sale or restructuring of the company in bankruptcy, according to the report.
Nikola has been struggling to raise funds, and its cash balance has dwindled as it continues to lose hundreds of thousands of dollars for every unit sold.
The company and the law firm did not immediately respond to Reuters requests for comment.