The electric and hydrogen truck manufacturer Nikola, once valued at nearly 30 billion US dollars, is facing financial restructuring. The company's market capitalization has fallen to only 63 million US dollars, while its liquidity reserves are rapidly diminishing.

As early as last year, Nikola warned that the cash balance had fallen below $200 million and would only last a few more months to sustain operations. Now, according to a spokeswoman, the company is examining various options, including financing as part of a restructuring. The investment bank Houlihan Lokey is advising Nikola on the next steps.

A bankruptcy filing could lead to a sale of assets, a reorganization, or even a liquidation. The company has debts and lease obligations of more than $350 million while revenues in the first three quarters of 2024 amounted to only $64 million.

Nikola went public in 2020 via a SPAC debut and was supposed to drive the green revolution in long-haul transport. The stock was euphorically received by investors, and at times the market capitalization even surpassed that of Ford. But then the company fell hard: the short seller Hindenburg Research described Nikola as an "intricate fraud" and revealed, among other things, that an allegedly driving prototype in a promotional video was merely rolling down a hill.

Founder Trevor Milton was subsequently charged with securities and wire fraud, found guilty on three of four counts in 2022, and sentenced to four years in prison. While appealing his conviction, he remains free.

If Nikola were to actually file for bankruptcy, the company would join a growing list of electric vehicle start-ups that have fallen into financial difficulties after a market boom. Fisker, Arrival, and Lordstown Motors have already had to file for creditor protection.