According to foreign media reports, the US electric vehicle manufacturer Fisker was delisted from the New York Stock Exchange on Monday, facing multiple blows from financial constraints, plummeting stock prices and the breakdown of key investment negotiations.
The New York Stock Exchange stated in a statement that given the "abnormally low" price level of Fisker's shares, it is no longer appropriate to continue listing and trading. As a result, the exchange decided to suspend trading in the stock with immediate effect. Before trading was halted at 9:35 a.m. on Monday, Fisker's shares had plummeted 28% to just 9 cents. Since the beginning of this year, the stock's cumulative decline has been as high as 95%.
This blow is undoubtedly adding insult to injury for Fisker. Earlier, the company had disclosed in a regulatory filing that investment talks with a major automaker failed to reach an agreement. This means that Fisker’s original plan to alleviate financial pressure through this investment has failed. Now, the company not only needs to renegotiate the terms of its near-term financing, but may also face the stark choice of pursuing a "bankruptcy protection strategic transaction."
The company's problems are not isolated, but fit in with an industrywide adjustment among automakers. Amid slowing sales growth and increasingly challenging market conditions, many automakers are limiting investment in electric vehicles and struggling to find new financing channels. However, for a startup like Fisker, financing is undoubtedly more difficult.
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