Fisker shares halted as EV company navigates uncertain future
CNN
Fisker Inc., a California-based electric vehicle startup, declared bankruptcy TKDAY. The filing comes after the company had warned, in an earnings report in March, that it might not have enough cash to survive the year.
Shares of Fisker, a California-based electric vehicle startup, were halted Monday. This comes after the company warned, in an earnings report in March, that it might not have enough cash to survive the year. Later in the day, the New York Stock Exchange announced it planned to delist Fisker’s stock due to “abnormally low” price levels. Fisker’s shares traded for as much as $28 in February of 2021, valuing the company at just under $8 billion, but its shares now currently trade for less than 10 cents per share, reducing the EV car maker’s total market capitalization to less than $50 million Fisker had also previously said it was in talks with a major, established automaker but, those talks have fallen apart without a deal, according to a regulatory filing Fisker made Monday. The company’s troubles are another sign of the headwinds and speed bumps for the burgeoning EV industry. Reuters had reported it was in talks with Nissan, citing unnamed sources familiar with the discussions. Those talks centered on Fisker’s planned electric pickup, the Alaska, according to the report. Fisker was founded by its chief executive officer, auto designer Henrik Fisker, in 2016. Its sole product, the Fisker Ocean electric SUV, was produced in Austria under contract by third-party manufacturer Magna Steyr. Last year, 10,000 SUVs were produced but, in its earnings report, the company said only about half had been delivered to customers.
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