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Cash-strapped Fisker's discussions with a major automaker for a potential deal have fallen through, and the New York Stock Exchange (NYSE) intends to delist the electric-vehicle startup's shares due to "abnormally low" price levels, as reported by Akash Sriram and Zaheer Kachwala for Reuters.
The breakdown of negotiations with the unnamed automaker has prompted Fisker to explore strategic options. I Photo: Fisker Facebook
The NYSE announced the suspension of trading in the stock on Monday, shortly after halting it pending an announcement. Fisker's shares were trading at $0.09 before the halt and closed at $0.13 on Friday.
The breakdown of negotiations with the unnamed automaker has prompted Fisker to explore strategic options, including in-court or out-of-court restructurings and capital markets transactions, the startup disclosed.
In the event of a stock delisting, the company will be obligated to offer to repurchase its unsecured 2.50% convertible notes due in 2026, and it will trigger an event of default under its senior secured convertible notes due in 2025.
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