Fisker tanks after report of bankruptcy filing

Fisker

14/03/2024 10:22

** Fisker shares  FSR.N  sink 36% to 20 cents premarket
after report of electric vehicle startup preparing to file for
bankruptcy
    ** Co hires financial adviser FTI Consulting and law firm
Davis Polk to assist with possible bankruptcy filing, as per
Wall Street Journal report
    ** FSR has lost nearly 56% of its value since co first
flagged going concern risks on March 1
    ** EV demand has been hit hard as customers shy away from
discretionary purchases due to higher credit conditions
    ** Tesla  TSLA.O , Lucid  LCID.O  and Rivian  RIVN.O  have
lost between 32% and 50% so far this year, while the Global X
Autonomous & Electric Vehicles ETF  DRIV.O  has shed over 1.4%
    ** Up to last close, FSR had tumbled 81.58% YTD, trading at
a near 96% discount of its price of $10 when it went public
through a special purpose merger deal (SPAC)
    ** At the time of merger, FSR was valued at about $2.90 bln

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))