<div>
  <p>
  </p>
  <ul>
    <li>
      <p>
        Shares of Fisker, an NYSE-listed EV manufacturer, were suspended from trading and the company was delisted from the NYSE due to abnormally low share prices, trading below USD 1.
      </p>
    </li>
    <li>
      <p>
        The company has also lost a potential deal with a major automaker to secure emergency funding.
      </p>
    </li>
    <li>
      <p>
        Fisker has been dealing with customer complaints, lawsuits, and federal investigations that have been escalating for months. The company also struggled to sell its Ocean SUV early on, missing its internal sales targets. It has moved away from a direct sales model and turned to dealers to help drive sales.&nbsp;
      </p>
    </li>
    <li>
      <p>
        Last month, the company laid off 15% of its workforce, which is approximately ~200 people.&nbsp;
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://techcrunch.com/2024/03/25/fisker-trading-suspended-by-nyse/">
      TechCrunch
    </a>
  </p>
  <p>
    <a href="https://edition.cnn.com/2024/03/25/cars/fisker-shares-halted-ev-company-uncertain-future/index.html">
      CNN
    </a>
  </p>
</div>


EV Economy

Fisker delisted from NYSE; loses deal to secure emergency funding

<div>
 
 <p>NYSE-listed EV manufacturer, Fisker, has received a financial commitment of USD 150 million from an existing investor.</p>
 <p>The funding will be arranged in four parts and given by the company's 2025-dated convertible notes holder. The deal is contingent on specific conditions including Fisker's 2023 Form 10-K filing.</p>
 <p>Furthermore, Fisker is in discussions with a major automaker for a possible deal to develop and manufacture EV platforms within the US.</p>
 <p>From March 18, 2024, Fisker will halt production for six weeks to realign inventory and progress strategic and financial endeavors.</p>
 
</div>

Fisker secures USD 150 million and pauses production

PROMINENT_CATEGORY

<div>
 <p>Electric vehicle manufacturer Fisker aims to establish a Dealer Partnership Model in the US and Canada, starting with roughly 50 distributors. The company also plans to use a blend of direct sales and dealer partnerships in Europe. The intention is to fast-track delivery of Fisker's Ocean vehicles and prepare for future product releases. Initial deliveries are expected by end of Q1 2024. Furthermore, Fisker plans to set larger market areas, provide no-haggle pricing for dealer associates, warranty assistance, and financial and insurance arrangements for its customers.</p>
</div>

Fisker expands sales channels in North America and Europe

Fisker, an EV manufacturer, has secured $170 million in convertible notes from an existing investor. The notes have a 0% interest rate and an original issue discount of around 12%, resulting in $150 million in proceeds for Fisker. This funding will be used to further develop Fisker's EV programs and speed up product delivery. In addition, Fisker plans to issue more zero-interest rate notes, potentially amounting to $623.3 million, with an issue discount of around 12% to generate gross proceeds of $550 million. Furthermore, the company previously raised $340 million in convertible notes in July 2023.

Fisker secures USD 150 million through loan notes

ANALYST_QUICK_TAKE

DISRUPTOR_PRESENT

Fisker, an electric vehicle (EV) manufacturer, is set to produce 100 Fisker Extreme Vigyan Edition electric SUVs for the Indian market. The company has established an office in Hyderabad and expects to receive approvals for sales in India by September 2023. Deliveries are projected to begin in the fourth quarter of 2023. The price of the EV will be comparable to those sold in Europe, with the addition of import taxes and logistics costs. Analyst QuickTake: In June 2023 , Fisker began deliveries of its first 22 Fisker Ocean One launch edition SUVs to customers in the US. This was following the commencement of production in November 2022 and the delivery of the EV to European customers in May 2023. Additionally, in July 2023 , Fisker made an offering of USD 340 million in convertible notes. The company intends to use the funds for general corporate purposes as well as for the development of an additional battery pack line to support growth from 2024 onward.

All Updates

Fisker delisted from NYSE; loses deal to secure emergency funding

Fisker secures USD 150 million and pauses production

Fisker expands sales channels in North America and Europe

Fisker secures USD 150 million through loan notes

Fisker to produce 100 limited edition EVs for Indian market

Fisker offers USD 340 million in convertible notes

Fisker selects ChargePoint as its public charging solutions partner in the US

Fisker reports Q4 2022 and full-year results

Fisker and Wallbox partner for home EV charging solutions

Fisker maintains its spending guidance for Q2 2022