The New York Stock Exchange (NYSE) has suspended trading in shares of electric vehicle maker Fisker (FSR) and begun the process to delist the company’s stock.
In a written statement, the NYSE said that Fisker’s stock “is no longer suitable for listing based on 'abnormally low' price levels.”
The move to delist Fisker comes as the troubled automaker attempts to sell itself. However, recent talks with a larger automaker failed to produce a deal, said the company.
Fisker’s management team has said that they will appeal the NYSE decision and try to prevent delisting, but it’s not clear if the company will be successful.
Fisker went public in the summer of 2020 via a special purpose acquisition company (SPAC). Since then, the stock has declined 99% and currently trades at $0.09 U.S. per share.
The car maker’s market capitalization is now less than $50 million U.S.
Fisker was founded by automotive designer Henrik Fisker in 2016. Its sole product, the Fisker Ocean electric SUV, has been produced by Canada’s Magna International (MG) through a third-party manufacturing agreement.
Last year, 10,000 Ocean SUVs were produced but only about half have been delivered to customers. The Ocean has also been subject to quality problems and poor reviews.
Fisker executives have warned that the company is in danger of going bankrupt and said the NYSE delisting is not helping its current situation.
