Electric vehicle maker Fisker (OTC:FSRN) has undertaken substantial price reductions for its Ocean SUV as the company struggles to stay afloat. It has emerged that Fisker also struggled to keep track of payments for its vehicles owing to lacking internal procedures.
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Drive for Survival
Fisker is slashing the price of its top-end model of the Ocean SUV by nearly 39% to $37,499. The company is also trimming prices for Ocean’s other variants. The move comes as Fisker tries to tide over liquidity challenges.
Moreover, Fisker has already halted production and warned of a potential bankruptcy filing if it falls short of its debt commitments. Earlier this week, Fisker’s discussions for a potential deal with a major automaker fell apart. In the aftermath, the NYSE delisted Fisker shares owing to low price levels in the stock.
Fisker’s Payment Pothole
While Fisker struggled to rack up sales, the company temporarily struggled to keep track of customer payments. According to TechCrunch, this prompted an internal audit at Fisker in December. The company was finally able to track these payments but the effort resulted in critical resources being taken away from its efforts to boost sales. The disarray also meant Fisker was unable to have a definite figure for how much revenue it had garnered.
Is Fisker Delisted?
Shareholders in the company have seen their investments erode by nearly 99.65% over the past year. Fisker shares are now delisted from the NYSE and the stock is now trading in OTC (Over the Counter) markets under the ticker FSRN.
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