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Fisker | 8-K: Current report

SEC announcement · Mar 25 17:20

Summary by Moomoo AI

On March 25, 2024, Fisker Inc., a Delaware-incorporated company listed on the New York Stock Exchange (NYSE), received a notification from the NYSE regarding the immediate suspension of trading of its Class A common stock due to abnormally low trading price levels. The NYSE also initiated proceedings to delist the Class A common stock. This suspension and potential delisting have triggered a requirement for Fisker to offer to repurchase its unsecured 2.50% convertible notes due in 2026 and has caused an event of default under its senior secured convertible notes due in 2025. The default allows note holders to demand full immediate payment. Fisker has acknowledged that it lacks sufficient cash reserves or financing sources to satisfy the amounts due under both the 2026 and 2025 notes, which could materially impact the company's operations and financial health. The company anticipates that its Class A common stock will be quoted on the OTC Pink platform or another market operated by OTC Markets Group Inc., which is a more limited market than the NYSE. This transition may result in a less liquid market for the Class A common stock and could further depress its trading price. Fisker has expressed uncertainty regarding the future trading of its Class A common stock on this market, the availability of public quotes, or whether there will be sufficient trading volume to ensure an efficient trading market.

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This announcement is a separate document:

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