Fisker stock: NYSE suspends trading, starts delisting process
The New York Stock Exchange is suspending trading in shares of EV automaker Fisker (FSR) and has started the delisting process. The NYSE says the stock "is no longer suitable for listing based on 'abnormally low' price levels." It comes after Fisker revealed that talks with talks with a larger automaker ended with no deal.
Yahoo Finance's Josh Lipton and Akiko Fujita discuss the move in the video above.
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Editor's note: This article was written by Stephanie Mikulich.
Video Transcript
JOSH LIPTON: The New York Stock Exchange will delist shares of Fisker, saying the company's class A common stock is no longer suitable for listing based on its quote, "abnormally low price levels." They say-- NYSE says here, Akiko, that the company has a right to review this determination by committee of the board of directors of the exchange. Not really terribly surprising news, of course. Just we know this is an EV startup that's been struggling.
AKIKO FUJITA: Yeah, this is a company that came to market through a SPAC back in 2020, and it has been a steady decline. Its stock is down more than 90% year to date. And it comes as Fisker says, essentially, those talks with a bigger car maker that they had kind of explored about a potential tie-in. Those talks have ended, so now you have to wonder what happens to Fisker.
But, you know, I'd be curious how this all ends because-- Joshua, we've been talking about this, there are still some big carmakers out there that are not necessarily, you know, they don't necessarily have the EV footprint in place. But it does tell you-- was it a management issue? Was it about the broader EV slowdown? Just how challenging it is for upstarts within the EV space. I mean, forget the environment itself. It is a huge, huge task when you think about just how capital intensive it is.
JOSH LIPTON: Yeah, but your point is well taken against the backdrop we've talked so much about, about slowing EV sales-- hard enough for like a Tesla, let alone the startups.
