Danish EV company Fisker to delist after share plunge

The New York Stock Exchange has suspended trading of shares of the electric vehicle company Fisker Inc., with the intention of delisting the company, following a failed potential deal with a major car manufacturer. As a result of the news, Fisker’s stock plummeted 28 percent on Monday, closing at $0.09 per share. The delisting is due to the unusually low stock price, which contrasts starkly with its peak value of almost $8 billion in February 2021. Current market value has dropped under $50 million. Earlier in the month, the Wall Street Journal reported that Fisker Inc. sought advisers for a possible bankruptcy filing and warned of running out of cash. The company, founded by Danish Henrik Fisker in 2016, is also exploring strategic alternatives such as restructuring, refinancing debt, and issuing new stock.