Nikola Goes Bankrupt, Capping Troubled EV Maker’s Long Slide (3)

Nikola Corp. filed for bankruptcy, culminating a long decline for the onetime darling of the electric-vehicle industry, which grappled with weak sales and cycled through CEOs in the wake of a fraud scandal.

The company is exploring a sale of its assets after entering Chapter 11 in Delaware on Wednesday. In court documents, it listed total funded debt and lease obligations of $98 million.

The filing caps a struggle by the maker of electric and hydrogen-powered semi trucks to get a handle on dwindling cash, slow sales and a collapsing stock price. Bloomberg reported earlier this month that Nikola ...