BUZZ-Fisker tanks after report of bankruptcy filing

Reuters03-14

** Fisker shares sink 36% to 20 cents premarket after report of electric vehicle startup preparing to file for bankruptcy

** 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 in Bengaluru)

((johann.mcherian@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment