Topics
Latest
AI
Amazon
Image Credits:Frederic J. BROWN / AFP / Getty Images
Apps
Biotech & Health
clime
Image Credits:Frederic J. BROWN / AFP / Getty Images
Cloud Computing
Commerce
Crypto
Enterprise
EVs
Fintech
fund-raise
Gadgets
Gaming
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
seclusion
Robotics
Security
Social
Space
inauguration
TikTok
transportation system
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
The New York Stock Exchange say Monday it will at once suspend trading shares of EV startupFiskerand is travel to take the company off its stock exchange .
The telephone exchange say Monday that Fisker ’s stock is “ no longer suitable for listing ” because of “ abnormally low ” toll level . The decision comes a calendar month after Fisker was warned by the NYSE that its stock price had spent 30 days trading below $ 1 , putting it out of compliance with the exchange ’s rules .
Fisker can review the NYSE ’s decision , but it said in a Monday afternoonfilingthat it expects its stock to be moved to an over - the - counter mart such as OTC Pink . It also said the delisting has touch off repayment clauses in two undischarged loan that it can not currently afford , which could have a “ material adverse effect ” on the business .
The suspension caps a tumultuous daytime for Fisker , which saw shares fall down more than 28 % before trading was halted . Earlier Monday , Fisker announced itlost a possible deal with a large automaker , reported to be Nissan — a development that has also endangered a recently foretell attempt at secure emergency funding .
The fellowship did n’t explain why the automaker terminated the negotiations , which was a critical closure condition for a potential $ 150 million transmutable promissory note announce last week . Fisker said in the filing that it will ask the unnamed investor to waive the shutdown condition .
Fisker ’s trouble , which include ailment from customers , lawsuits and Union investigating , have been intensify for months . The imperiled EV startup has struggled to sell its Ocean SUV in the early going , underperforming its own internal sales finish , as TechCrunch reported in January . It pivoted aside from a lineal sales simulation and wrench to dealerships to help drive gross revenue . It has alsostruggled with timbre problems — one that Fisker has , at times , struggled to solve , grant to intragroup documents .
In February , Fisker set off15 % of its staff(around 200 people ) and last hebdomad reported having just $ 121 million in the bank . The company has paused yield and monish investors it would not pull round a class without a clean extract of cash .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
This taradiddle has been update to admit inside information from Fisker ’s Monday afternoon SEC filing .
