Fisker hits record low on report of bankruptcy filing

FTI Consulting

14/03/2024 13:57

(Updates)
    ** Shares of EV startup Fisker  FSR.N  falls 50.64% to a
record low of 16 cents
    ** 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 & Priyanka.G in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))