talks with a large automaker for a potential deal have collapsed, it said on Monday amid growing uncertainty for the cash-strapped startup that last week paused electric-vehicle production.
“I can’t put it if it is next week or next year, but it is inevitable,” Thomas Hayes, Chairman at hedge fund Great Hill Capital, said on the growing chances of Fisker likely to file for bankruptcy protection. Fisker’s latest venture was founded in 2016 and went public through a merger with a blank-check firm for a valuation of $2.9 billion.
The $8.4 million payment for some notes due in 2026 was supposed to be paid on March 15, but the startup said it did not pay despite having enough liquidity as it wanted to use the 30-day grace period to talk to investors about its capital structure. Fisker’s shares have lost more than 90% of their value this year, after the startup flagged going-concern risk in February and paused investments in future projects until it secured a partnership.
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