BUZZ-Fisker hits record low on report of bankruptcy filing

Reuters03-14

(Updates)

** Shares of EV startup Fisker 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 , Lucid and Rivian have lost between 32% and 50% so far this year, while the Global X Autonomous & Electric Vehicles ETF 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;))

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