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Fisker Inc., an emerging electric vehicle manufacturer, has received a warning from the New York Stock Exchange (NYSE) regarding a potential compliance issue. On February 15, 2024, the NYSE informed Fisker that its average stock price had fallen below $1.00 over a consecutive 30 trading-day period, a violation of Section 802.01C of the NYSE Listed Company Manual. This situation has prompted Fisker to explore various strategies to correct the stock’s performance and ensure continued compliance with NYSE regulations.
Despite the warning, the NYSE has not immediately moved to delist Fisker’s common stock, identified by the ticker symbol “FSR.” The company remains listed and its shares continue to trade on the NYSE as Fisker strategizes to regain compliance. Under NYSE rules, it has a six-month period to address this issue, during which it must achieve and maintain a closing share price of at least $1.00, as well as an average closing share price of the same amount over 30 trading days within any calendar month of this period.
See also: Fisker Expands US Dealer Network
Fisker has affirmed its commitment to remaining on the NYSE, considering all options to meet the exchange’s listing standards. Potential corrective actions could include a reverse stock split, pending approval from its stockholders at the next annual meeting.
The notice from the NYSE is not expected to have an immediate impact on Fisker’s business operations or its obligations to report to the U.S. Securities and Exchange Commission. The company’s dedication to producing emotional and sustainable electric vehicles remains unwavering as it navigates through this compliance challenge. The company’s proactive stance and openness to various compliance strategies underscore its resilience and adaptability in the face of financial regulations.
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