Nikola Corp. shares took a massive hit on Monday as investors sold off the Phoenix-based electric truck maker’s stock ahead of its pending Nasdaq delisting amid a Chapter 11 bankruptcy filing.

The electric vehicle startup Nikola has filed for bankruptcy protections after it failed to secure new money or locate a buyer to keep operating.

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Nikola (NKLA), once valued at around $30 billion, filed for bankruptcy. The news was not unexpected, given Nikola’s cash burn and dilutive shares sales, which were just unsustainable. Things reached a point where Nikola’s market cap fell below its quarterly cash burn.