Nikola Corporation (NASDAQ:NKLA) plunged in early trading on Wednesday after the company announced that it filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.

Electric vehicle startup Nikola filed for Chapter 11 bankruptcy on Wednesday and plans to move forward with an auction of its assets, pending court approval.

Nikola (NASDAQ:NKLA) has officially hit the wall. The once-hyped hydrogen-truck maker, briefly valued higher than Ford, has filed for Chapter 11 bankruptcy after years of bleeding cash and struggling to gain traction in the market.