U.S. electric vehicle (EV) dumpster fire Fisker (OTCMKTS:FSRN) announced Tuesday that it will require as its cash dwindles, along with Fisker stock.
What do you need to know about the Fisker layoffs?
Well, the company plans to cut more jobs after already conducting a whopping 15% workforce reduction earlier this year. Indeed, struggling to stay afloat, Fisker has admitted it may need to pursue bankruptcy within the next 30 days if it fails to come up with the necessary funding, per a U.S. Securities and Exchange Commission (SEC) filing.
As of April 16, the company had just $54 million in cash and cash equivalents and another illiquid $11.2 million. Currently, Fisker is attempting to pay off a more than $300 million loan. The company originally defaulted on the loan as a means of dodging bankruptcy.
Unfortunately, this isn’t the first time the struggling EV startup has had to cut jobs. Indeed, Fisker’s workforce has slipped from 1,560 employees to 1,135 since 2022, per TechCrunch.
Interestingly, though, not everyone is getting cut from Fisker — some employees are just leaving. This includes a member of its Board of Directors, who left the company earlier this week.
Fisker Stock Sinks Amid EV Winter
Fisker has become something of a cautionary tale among EV startups. Indeed, since launching the Fisker Ocean last year, the company has teetered on the brink of financial collapse.
The Ocean has been rattled with issues since launch, from problems with its software and poor customer service to brake failure and engine power loss.
This has pushed Fisker stock well into penny stock territory. At the time of this writing, FSRN stock — which trades over-the-counter (OTC) via “pink sheets” — is down to just 4 cents per share.
Fisker has lost more than 97% of its value year-to-date (YTD), proving to be perhaps the single-biggest loser of the 2024 EV ice age.
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On the date of publication, Shrey Dua did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the 香港六合彩玄机.com Publishing Guidelines.
