Fisker Stock Hits Record Low: Automaker Terminates Transaction Discussions

Zinger Key Points
  • Fisker shares are trading lower by 28% and are halted during Monday's session.
  • The company's negotiations with a major automaker have been terminated, as announced by the automaker.

Fisker Inc FSR shares are trading lower by 28% to $0.09 and are halted during Monday’s session after the company announced it received notice from the large automaker with which the company had been in negotiations for a potential transaction that the automaker terminated the negotiations.

Consequently, Fisker early Monday said the company is exploring various strategic alternatives, including restructurings, capital market transactions, debt refinancings, equity issuances, asset sales or other measures. However, these alternatives carry uncertainties and risks, with no guarantee of successful outcomes in the current market conditions.

Additionally, the termination affects Fisker’s ability to meet a closing condition for a financing commitment made with an investor on March 18, 2024. Fisker intends to discuss potential waivers or alternative financing terms with the investor, but the success of these discussions is uncertain.

See Also: Boeing CEO Dave Calhoun To Resign In 2024: ‘Eyes Of The World Are On Us’

According to data from Benzinga Pro, FSR has a 52-week high of $7.22 and a 52-week low of $0.088.

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