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.

After struggling to raise cash and undergoing several leadership changes, the electric semi truck maker Nikola filed for bankruptcy Wednesday.

Nikola Corp. will have $47 million in cash on hand to navigate Chapter 11 process. It hopes to wind down its Coolidge operations in March.