Share this @internewscast.com

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 company’s future unknown.

Fisker’s share talks collapse

Fisker’s Newsroom released a statement last week, stating the company “is in continuing negotiations with a large automaker for a potential transaction to develop EV platforms and to manufacture in the US.”

Reuters reported in early March that the unnamed investor was Nissan. However, it has been a turbulent time for Fisker, as one of the company’s flagship vehicles was slaughtered in a YouTube review by Marcus Brownlee, a popular car reviewer. The review was titled “This is the Worst Car I’ve Ever Reviewed.”

The reviews led to a messy saga that has sadly left Fisker with a few battle scars. Still, the company did little to help 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 up to $150 million of gross proceeds. The financing is being provided by the holder of the company’s 2025-dated convertible notes and will be organized in four tranches. The financing is subject to certain conditions, including the filing of Fisker’s 2023 Form 10-K,” the release 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 year — which means a de-listing from the New York Stock Exchange is looming, as no listings can be under $1.

As of March 15, 2024, the auto manufacturer had built 1,000 electric vehicles and delivered 1,3500 vehicles globally within the same timeframe. The company also has a completed inventory of 4,700 vehicles, valued at an estimated 200 million dollars.

It remains to be seen if Fisker can find another possible share investor, but the road ahead looks rocky for the sustainable car 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.

Share this @internewscast.com
You May Also Like

How ‘Jaws’ Transformed Film Technology and Raised Ocean Awareness

Director Steven Spielberg on the set of Jaws with the mechanical shark…

Lessons From My First Failed Startup and How I Nailed It 20 Years On

Opinions expressed by Entrepreneur contributors are their own. They say timing is…

Donald Trump Considers Imposing New Tariffs on Canada

Unlock the White House Watch newsletter for free Donald Trump has announced…

FTSE 100 Dividend Increase Stalls as Share Buybacks Surge

Dividend growth for the FTSE 100 has staggered to a halt in…

Perplexity AI Partners with Coinbase to Enhance Cryptocurrency Insights

Perplexity AI has partnered with Coinbase (Photo Illustration by Pavlo Gonchar/SOPA ……

Experts Argue That Targeting Drug Trade Alone Won’t Subdue Houthis in Yemen

A Yemeni security member guards during a destruction of narcotic drugs, seized…

Goldman Sachs Requires Junior Bankers to Pledge Their Commitment

Goldman Sachs intends to require junior analysts to confirm quarterly that they…

Improving Job Security and Reduced Layoff Risks

Professionals leaving office after layoff. getty Job security in the U.S. economy…

Justin Bieber Returns to Music Scene With New Album ‘Swag’

Topline Justin Bieber announced his upcoming seventh album on his Instagram account…

Elon Musk Continues to be Tesla’s Unpredictable Element

Unlock the Editor’s Digest for free Here we are once more. This…