Nikola, an EV startup once valued higher than Ford, has filed for Chapter 11 bankruptcy. In the wake of a high-profile scandal and a recall that rocked the company to its core, Nikola says it only has about $47 million in cash on hand.

Nikola said Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters.