---
schema_version: "secwatch.filing_event.v1"
accession: "0001731289-25-000004"
form_type: "8-K"
ticker: null
cik: "0001731289"
company_name: "Nikola Corp"
filed_at: "2025-02-19T23:59:59+00:00"
generated_at: "2026-05-26T12:18:14.183925+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Nikola files Chapter 11 bankruptcy, seeks Section 363 asset sale

## Summary
- Company filed voluntary Chapter 11 petitions on Feb 19, 2025 with ~$47M cash on hand.
- Debt accelerated: $31.78M (June 2022 Notes) + $12.39M (June 2023 Notes) plus accrued interest.
- Retention bonus program approved for key employees: 10%-50% of base salary, max $500K each.
- Limited service and HYLA fueling operations to continue through March 2025; partners needed thereafter.
- CEO Steve Girsky cited 3.3M fleet miles and 330+ metric tons hydrogen dispensed as milestones.

## SEC filing metadata
- accession: 0001731289-25-000004
- form_type: 8-K
- cik: 0001731289
- company_name: Nikola Corp
- filed_at: 2025-02-19T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.03, 2.04, 2.06, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1731289/000173128925000004/0001731289-25-000004-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1731289/000173128925000004/nkla-20250218.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001731289-25-000004
- JSON: https://secwatch.observer/filing/0001731289-25-000004.json
- Plain text: https://secwatch.observer/filing/0001731289-25-000004.txt

## Key facts
- Debt Financings
  Nikola Corp faced acceleration on convertible notes of $31,782,344 in aggregate principal amount of the June 2022 Notes with U.S. Bank Trust Company, National Association at 8.00% / 11.00% maturing due 2026.
  - Instrument: convertible notes
  - Principal: $31,782,344 in aggregate principal amount of the June 2022 Notes
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 8.00% / 11.00%
  - Maturity: due 2026
  - Event: acceleration
  source text: On the Filing Date, (i) the aggregate principal amount of the Debt Instruments and (ii) accrued and unpaid interest thereon to the Filing Date, in each case, immediately became due and payable by the Company in the amounts set forth below on the Filing Date without declaration, notice or other action of the holders thereof or the trustee under the indenture that governs such Debt Instruments in accordance with the terms thereof: • $31,782,344 in aggregate principal amount of the June 2022 Notes and $557,956.71 in accrued and unpaid interest thereon; and • $12,394,656 in aggregate principal amount of the June 2023 Notes and $134,964.03 in accrued and unpaid interest thereon.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731289/000173128925000004/0001731289-25-000004-index.htm
- Debt Financings
  Nikola Corp faced acceleration on convertible notes of $12,394,656 in aggregate principal amount of the June 2023 Notes with U.S. Bank Trust Company, National Association at 8.00% / 8.00% maturing due 2026.
  - Instrument: convertible notes
  - Principal: $12,394,656 in aggregate principal amount of the June 2023 Notes
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 8.00% / 8.00%
  - Maturity: due 2026
  - Event: acceleration
  source text: On the Filing Date, (i) the aggregate principal amount of the Debt Instruments and (ii) accrued and unpaid interest thereon to the Filing Date, in each case, immediately became due and payable by the Company in the amounts set forth below on the Filing Date without declaration, notice or other action of the holders thereof or the trustee under the indenture that governs such Debt Instruments in accordance with the terms thereof: • $31,782,344 in aggregate principal amount of the June 2022 Notes and $557,956.71 in accrued and unpaid interest thereon; and • $12,394,656 in aggregate principal amount of the June 2023 Notes and $134,964.03 in accrued and unpaid interest thereon.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731289/000173128925000004/0001731289-25-000004-index.htm
- Distress & Bankruptcy
  Nikola Corp entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2025-02-19).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the District of Delaware
  - Petition: 2025-02-19
  source text: On February 19 , 2025 (the “Filing Date”), Nikola Corporation (the “Company”) and certain of its direct domestic subsidiaries (together with the Company, the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Petitions”) under chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1731289/000173128925000004/0001731289-25-000004-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.