The carmaker has six months to get its share price to over $1 and may implement a reverse stock split
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by Brad Anderson
5 hours ago
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Fisker is at risk of being delisted from the New York Stock Exchange because its share price has been trading at less than $1 for more than 30 days. Despite this, the company is continuing its expansion in the U.S. and recently signed four dealer partners in the country.
On February 15, Fisker received a notice from the NYSE that it was no longer in compliance with trading rules because of its low share price, according to Reuters. However, the EV company can regain compliance at any time within the coming six months if, at the end of any calendar month, it has a closing share price of at least $1 and an average closing share price of at least $1 over a 30-day trading period.
A variety of options are being considered to regain compliance, Fisker says, including a reverse stock split that would be subject to stockholder approval no later than the company’s next annual meeting of shareholders.
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While current shareholders won’t be thrilled at the news of the company falling out of compliance with NYSE regulations, they will be pleased to know that it recently inked dealer deals with Ourisman Fisker, Classic Fisker, Long Island Fisker, and Mills Automotive Group. These dealers will sell the brand’s models in North Carolina, South Carolina, Georgia, Maryland, New York, and New Jersey.
Read: Fisker Ocean Limits Launch Control To 500 Uses For The Lifetime Of The EV
Fisker had initially launched in the U.S. using a direct sales model but has shifted to a dealer partnership model. The firm says it has received interest from over 250 dealers across North America and the rest of the world.
“I’m excited by the rapid progress of the Dealer Partnership model, which we announced just over a month ago,” company chairman and chief executive Henrik Fisker said. “The dealer partners we have signed up so far share a commitment to the future of electric vehicles and to their communities, many of which they have served for multiple generations. I believe our customers will find that each of these dealer partners plan to provide top-level service and ongoing relationship building for owners of the class-leading and award-winning Fisker Ocean SUV.”
