Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon, today is Wednesday, February 19th, and I'm your host, Kim Khan.

Our top story so far. Nicola pulls the plug.

The EV maker announced that it filed for Chapter 11 bankruptcy protection and also

filed a motion seeking authorization to pursue an auction and sale process. Subject to court

approval, Nicola intends to continue certain limited directly provided service and support

operations for trucks currently in the field. That includes certain H.YLA fueling operations

through the end of March.

Nicola goes into Chapter 11 with about $47 million in cash on hand to fund the foregoing activities,

implement the post-petition sale process, and exit Chapter 11 through a plan process.

Given the company's liquidity profile and the anticipated expense of the cases and limited

operations in Chapter 11,

the company intends to request authority from the court to consummate a sale of its assets on a

timeline that balances the liquidity needs. CEO Steve Grisky says, like other companies in the

electric vehicle industry, we have faced various market and macroeconomic factors that have impacted

our ability to operate. In recent months, we have taken numerous market and macroeconomic factors that have impacted our ability to operate.

In recent months, we have taken numerous actions to raise capital, reduce our liabilities,

clean up our balance sheet, and preserve cash to sustain our operations.

Unfortunately, our very best efforts have not been enough to overcome these significant challenges,

and the board has determined that Chapter 11 represents

the best possible path forward under the circumstances for the company and its stakeholders.

Nicola was founded in 2014 by Trevor Milton in Salt Lake City, Utah. The company set a goal to

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