Posted 3/18/2024, 1:41:15 PM
Fisker Faces Uncertain Future as Cash Dwindles, SUV Production Halted
- Fisker has only $121M cash left and has "substantial doubt" about continuing operations without new capital
- Fisker has paused production of its Ocean SUV for 6 weeks while it tries to raise money
- The company has struggled with manufacturing issues, quality problems, and lackluster demand
- Fisker is moving away from direct sales to a dealer model but already lost one partner
- The company missed SEC filing deadlines, triggering a default, as it scrambles to raise $150M in new convertible notes
