Fisker down on plans to pause production, raise funds
18/03/2024 13:46
** Shares of Fisker FSR.N down 10.2% at 1 cent in volatile
trading after co said it would pause production and raise funds
** Co to pause production of EVs for six weeks and raise up
to $150 mln in funding by selling convertible notes
** FSR had flagged substantial going concern doubts in the
last week of February this year
** Co's stock touched a record-low on Thursday after report
said FSR prepares for possible bankruptcy
** Co tries to navigate a cash crunch and weak demand for
its cars
** Stock has lost 90% of its value since the beginning of
this year, while it lost about 76% in 2023
(Reporting by Pranav Kashyap in Bengaluru)
((Pranav.Kashyap@thomsonreuters.com;))