Before the US stock market opened on Friday (March 15th), American electric vehicle manufacturer Fisker rebounded significantly, rising over 40% at one point before the market opened. However, the increase quickly narrowed to around 12% after the opening, and is now reported at $0.173 per share.
Later yesterday, Fisk executives issued a statement stating that the company does not comment on "market rumors and speculations" and added that the company has always "frequently" collaborated with external consultants to help manage its business and assist in executing strategies.
The statement also stated that "Fisk is focused on further fundraising and establishing a strategic partnership with a large automobile manufacturer." Additionally, the company is planning to shift its direct consumer oriented strategy towards a dealer model.
Yesterday, Fisk, which was listed on the US stock market, closed down 51.94%, with its stock price continuing to hit a historic low. According to media reports, insiders have revealed that Fisk, which is in a difficult situation, has hired restructuring financial advisor FTI Consulting and law firm Davis Polk to assist in potential bankruptcy filing.
Although Fisk refuted this point in his statement, his attitude was clearly not firm enough, and combined with the recent difficulties faced by the company, investors seem to have made their judgments with real gold and silver. Two weeks ago, Fisk issued a going concern warning, stating that there were significant doubts about its ability to continue operating.
"In the situation where existing resources cannot meet the demand for the next year, more financing will need to be obtained." At that time, Fisk stated that it was in talks with a large car company to invest or collaborate on developing an electric vehicle platform. According to media reports, the potential investor is Nissan Motor Company.
Fisker wrote, "If funds cannot be obtained, the company may have to reduce its investment in product development and operation." In fact, Fisker has gone bankrupt once in its history, with its predecessor Fisker Automotive filing for bankruptcy in 2013 after six years of operation.
It is understood that Fisk's product is the electric SUV "Ocean", which adopts an outsourced production method. Last year, 10193 vehicles were produced, but the delivery volume was less than half. The company stated that it expects to deliver approximately 20000 vehicles by 2024.
Since the beginning of the year, Fisk's stock price has plummeted by over 90%. Prior to this, it has fallen by 53% and 75% respectively in 2022 and 2023. If compared to the price of its SPAC listing in 2020, Fisk's stock price is less than 3% of that time.
Fisk previously reported that the company received a delisting notice from the New York Stock Exchange because its stock price has been below $1 for more than 30 consecutive trading days.