Nikola founder Trevor Milton, who was recently pardoned after being convicted of securities fraud, is attempting to buy the assets of his former company out of bankruptcy, according to new court filings and a person familiar with the matter. This surprising move comes as Nikola, which filed for Chapter 11 bankruptcy protection in February, hopes to sell its business by the middle of this month.

Milton's bid, submitted through a Nevada entity known as ISSO LLC, has been met with skepticism by Nikola. The company refused to allow Milton to personally inspect the assets at its Coolidge, Arizona factory earlier this month, citing concerns about the legitimacy of his interest. Lawyers for Nikola described Milton's bid as "nothing more than a publicity stunt" during an emergency hearing last week.

The controversy surrounding Milton's bid is just the latest twist in Nikola's tumultuous history. Founded in 2014, Nikola went public in 2020 through a special purpose acquisition merger, but Milton stepped down as CEO just a few months later amid fraud allegations. He was convicted in 2022 and sentenced to four years in prison in 2023, only to be pardoned by President Trump last month.

Meanwhile, Nikola has struggled with a range of issues, including battery fires, recalls, and financial difficulties, ultimately leading to its bankruptcy filing. The company's assets, including its factory and intellectual property, are now up for grabs, with Milton's bid being one of the first to be made public.

According to court filings, ISSO LLC submitted its bid on March 21, but Nikola refused to allow video or pictures to be taken during the inspection process and prohibited a specific ISSO representative from entering the factory. The identity of that representative has been redacted in the filings, but a lawyer representing Nikola described the person in a way that matches Milton's profile.

A person familiar with Milton's intentions confirmed to TechCrunch that he is indeed pursuing a bid, although a spokesperson for Milton declined to comment. The court has scheduled an auction to determine the highest and best offer for Nikola's assets on April 7, with no updates posted to the bankruptcy docket at the time of publication.

The implications of Milton's bid are far-reaching, with some questioning whether he should be allowed to profit from the company he helped drive into bankruptcy. Others may see this as an opportunity for Milton to make amends and revive the struggling electric truck startup. As the bankruptcy proceedings continue, one thing is clear: the fate of Nikola hangs in the balance, and the outcome will have significant repercussions for the electric vehicle industry as a whole.