Fisker, the California-based automotive electric vehicle (EV) start-up, has encountered a twist in its finance share saga. An unnamed automotive company has stepped out of major share talks, leaving the corporate’s future unknown.
Fisker’s share talks collapse
Fisker’s Newsroom released a statement last week, stating the corporate “is in continuing negotiations with a large automaker for a potential transaction to develop EV platforms and to fabricate within the US.”
Reuters reported in early March that the unnamed investor was Nissan. Nonetheless, it has been a turbulent time for Fisker, as one of the corporate’s flagship vehicles was slaughtered in a YouTube review by Marcus Brownlee, a popular automotive reviewer. The review was titled “That is the Worst Automobile I’ve Ever Reviewed.”
The reviews led to a messy saga that has sadly left Fisker with a few battle scars. Still, the corporate did little to assist the situation, as a person describing himself as a Fisker Engineer would cause a viral video to spawn from a recorded telephone call that Fisker had no knowledge of.
This was in light of a financing commitment from an “existing investor providing as much as $150 million of gross proceeds. The financing is being provided by the holder of the corporate’s 2025-dated convertible notes and will likely be organized in 4 tranches. The financing is subject to certain conditions, including the filing of Fisker’s 2023 Form 10-K,” the discharge stated.
Fisker has filed with the SEC for a six-week pause in production to “align inventory levels and progress strategic and financing initiatives.” Fisker’s shares have also been down 97% over the past 12 months — which implies a de-listing from the Latest York Stock Exchange is looming, as no listings could be under $1.
As of March 15, 2024, the auto manufacturer had built 1,000 electric vehicles and delivered 1,3500 vehicles globally inside the same timeframe. The corporate also has a accomplished inventory of 4,700 vehicles, valued at an estimated 200 million dollars.
It stays to be seen if Fisker can find one other possible share investor, however the road ahead looks rocky for the sustainable automotive manufacturer.
Featured Image Credit: Kindel Media; Pexels
The post Fisker’s financial future takes a spin after automaker pulls out of share talks appeared first on Due.