Fisker Receives Noncompliance Notice from NYSE

LOS ANGELES – Fisker Inc., the electric vehicle startup that plans to build its second EV at Foxconn’s plant in Lordstown, has received a delisting notice from the New York Stock Exchange, the company announced.

Fisker says it was notified that the company is not in compliance with NYSE rules because the average closing price of Fisker’s common stock was less than $1 per share over a consecutive 30 trading-day period.

The NYSE notice does not result in the immediate delisting of the company’s common stock from the NYSE, the company said.

Under NYSE rules, Fisker has six months to regain compliance. The company said it would notify NYSE within 10 business days of its intent to regain compliance.

Fisker said it intends to remain listed on the NYSE and is considering all available options to regain compliance, including, but are not limited to, a reverse stock split, subject to stockholder approval no later than at the company’s next annual meeting of stockholders.

The NYSE notice has no immediate impact on the listing of the company’s common stock, which will continue to be listed and traded on the NYSE during the cure period, Fisker said. The notice is also not anticipated to impact the company’s ongoing business operations, the company added.

Fisker announced in May 2022 that it would manufacture its second EV, the Fisker Pear, at Foxconn’s plant in Lordstown. 

However, a contract manufacturing agreement between the two companies has not been finalized, and Fisker expects to begin producing the Pear in July 2025, according to previous statements.

Fisker launched its first model – the Fisker Ocean EV crossover – in June 2023. The vehicle is produced in partnership with Magna in a factory in Grantz, Austria. The vehicle is sold in the U.S. and Europe.

The National Highway Traffic Safety Administration has since initiated two probes into customer complaints associated with the vehicle. Federal regulators last week reported the NHTSA was looking into potential problems related to “unintended vehicle movement or vehicle rollaway,” the agency said.

In January, the NHTSA initiated an investigation into alleged intermittent loss of the vehicle’s braking function when driving over a low traction or bumpy surface.

Pictured at top: Fisker Inc.’s Pear crossover.

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