Electric vehicle maker facing bankruptcy risk negotiates for lifeline
Posted: Wed Mar 20, 2024 1:14 am
Electric vehicle maker facing bankruptcy risk negotiates for lifeline
Read more here:
https://www.thestreet.com/electric-vehi ... r-lifeline
The Tesla rival's shares take a tumble as the company takes a drastic step.
Success may not be a straight line, but every now and then, it has to come up for air.
The electric vehicle sector has been going through some difficulties lately as sales have slowed and companies cut back on production plans.
This situation is particularly tough for EV startups, such as Lordstown Motors, which filed for Chapter 11 bankruptcy in July 2023 to restructure and sell its assets.
The debtor won confirmation of its Chapter 11 plan on March 5 and was ready to emerge from bankruptcy.
Fisker (FSR) is another EV company that has been forced to make some hard decisions, including, most recently, pausing production of its vehicles for six weeks beginning March 18.
Shares finished down 15.6% on Monday to 14 cents.
The Manhattan Beach, Calif.-based company, founded in 2007 by Henrik Fisker, a Danish automotive designer and entrepreneur, said in a March 1 filing with the Securities and Exchange Commission Form that it would be late in filing its 10-K annual report for the year ending Dec. 31, 2023.
Read more here:
https://www.thestreet.com/electric-vehi ... r-lifeline
The Tesla rival's shares take a tumble as the company takes a drastic step.
Success may not be a straight line, but every now and then, it has to come up for air.
The electric vehicle sector has been going through some difficulties lately as sales have slowed and companies cut back on production plans.
This situation is particularly tough for EV startups, such as Lordstown Motors, which filed for Chapter 11 bankruptcy in July 2023 to restructure and sell its assets.
The debtor won confirmation of its Chapter 11 plan on March 5 and was ready to emerge from bankruptcy.
Fisker (FSR) is another EV company that has been forced to make some hard decisions, including, most recently, pausing production of its vehicles for six weeks beginning March 18.
Shares finished down 15.6% on Monday to 14 cents.
The Manhattan Beach, Calif.-based company, founded in 2007 by Henrik Fisker, a Danish automotive designer and entrepreneur, said in a March 1 filing with the Securities and Exchange Commission Form that it would be late in filing its 10-K annual report for the year ending Dec. 31, 2023.
