Summary by Moomoo AI
Fisker Inc. has filed a Form 12b-25 with the SEC, notifying of a delay in the submission of its Annual Report on Form 10-K for the year ended December 31, 2023. The company cited the need for additional time to finalize its consolidated financial statements and assess its internal control over financial reporting. A change in key accounting personnel has led to a shortage of adequately trained professionals, contributing to the delay. Fisker has identified material weaknesses in its financial reporting, which will be disclosed in the forthcoming report. The company also anticipates a decrease in capital expenditures and working capital requirements as it progresses into the second year of production of the Fisker Ocean and transitions to a new Dealer Partner model. However, Fisker acknowledges the possibility of substantial doubt about its ability to continue as a going concern and may need to seek additional financing. The company aims to file the delayed report by March 15, 2024.