Friday, May 24, 2024

Henrik Fisker's car brand has lost 99 percent of its value

The car brand Fisker Inc. has lost 99 percent of its value since its IPO in October 2020. The stock is now worth just $0.023.

The stock exchange in New York suspended trading in the Fisker share in March. However, the value of the share has continued to fall.

In fact, the value of the stock behind Fisker Inc. now so low that it costs just 0.023 USD. This corresponds to 16 Danish ores.

But not only that. According to the German business media Handelsblatt, Fisker Inc. with that share price now having lost 99 percent of its value since going public in New York in the last days of October 2020.

Fisker Inc. also has a formidable ability to burn money. During the last quarter of 2023, the car brand lost a whopping $463.6 million on operations.

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And not enough of that. From the brand's internal notes, it has emerged that 40,000 drivers have withdrawn their pre-orders when it comes to the Ocean model.

Right now, Fisker Inc. where the brand is struggling to survive at all. The fight for survival means that production is at a standstill for 6 weeks, while Henrik Fisker tries to find more money.

Most recently, it has emerged that Fisker has asked Deutsche Bank and the external adviser PJT Partners for financial advice in the attempt to avoid bankruptcy.

In a message to its shareholders, however, Fisker says that the brand's own survival cannot be guaranteed. Something that also seems even more difficult, now that Nissan is said to have jumped from a license agreement. Read more about it here.

Still, Fisker's remaining employees, the car brand has cut 15 percent of all positions, apparently still get paid on time.

At home, the brand is trying to get rid of some of the cars from last year's production at the Magna Steyr factory in Austria by giving almost DKK 200,000 in discount.

However, the car brand warns at the same time that motorists must expect to waive the warranty due to the situation Fisker is in.

Read more exciting news from and about the world of cars right here!


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