New York, March 25, 2024 - PRISM MarketView - PRISM EV Index laggard and electric vehicle automaker, Fisker Inc. (FSR) has reported that its discussions with large automaker have ended. As the company shares have fallen ~28%, its chances of bankruptcy have increased. Over the past year, the stock is down ~98% as its market share has plummeted to $72M from its 2021 peak of $4.1Bn. Last week, the company paused its electric vehicle production and will not be able to meet a closing condition for its attempted $150M raise through the sale of convertible notes as it missed an interest payment. The company intends to propose a reverse stock split at its shareholder meeting on April 24th.
UPDATE 3-Fisker shares halted after deal talks with big automaker collapse
Fisker's talks with a large automaker for a potential deal have collapsed, it said on Monday amid growing uncertainty for the cash-strapped startup that last week paused electric-vehicle production. Trading in the shares of the company, which did not name the automaker with which it was in talks, has been halted pending an annoucement. Fisker also said it will not be able to meet a closing condition related to its attempt to raise up to $150 million in funding by selling convertible notes after missing an interest payment.
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EV start ups have struggled this year as consumers have seemed to turn their interests to more hybrid vehicle models. Even giants such as Tesla (TSLA) have cited struggles to compete, as Musk has decided to cut some of its production at his China plant.
Fisker Inc. (NYSE: FSR) if featured on PRISM Emerging EV Index
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