Shares of Fisker Inc. (FSR) are down 37% on reports that the electric vehicle maker is preparing to file for bankruptcy.
According to reports in The Wall Street Journal, Barron’s, and other news outlets, Fisker has hired financial advisors and lawyers to help it prepare for bankruptcy.
In February of this year, Fisker reported $273 million U.S. in sales for all of 2023 and more than $1 billion U.S. in debt.
Fisker’s management team warned previously that there is doubt it will be able to continue operations.
Also in February, Fisker delayed the release of its latest financial results because it didn’t have enough accountants to work on the regulatory disclosure.
Before today (March 14), Fisker’s stock had declined 95% over the past 12 months and was trading at just $0.32 U.S. per share, placing it far down on the penny stock league tables.
Founded in 2016 by Danish automotive designer Henrik Fisker, the company is the successor of Fisker Automotive, an earlier electric vehicle maker that went out of business in 2014.
